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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation.

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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. Additionally, your creditors will not be allowed to contact you.

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How to Stop Creditor Harassment

Debt Free Colorado

Know How to Stop Creditor Harassment & Wage Garnishment Debt can be a heavy burden. Wage garnishment is a legal procedure where a creditor obtains a court order to withhold part of your earnings from your paycheck to repay a debt. This stops creditor harassment and wage garnishment for most debts. What is Wage Garnishment?

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Complete protection from creditors – This includes wage garnishment and debt collection. Occasionally, creditors may refuse to repossess little goods due to the expense of picking them up. A mortgage or car loan secures the lender’s interest in your house. While debt is not eliminated , it is significantly reduced.

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How Much Debt Is Needed to File for Bankruptcy?

Sawin & Shea

With a deep commitment to personalized service, we take the time to understand your unique circumstances and tailor our approach to your specific needs. This powerful solution can immediately halt creditor harassment, wage garnishments, and lawsuits, allowing you to breathe a sigh of relief and regain control of your financial life.

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Cosigner Responsibilities: When Is a Cosigner Liable for a Debt?

Sawin & Shea

Obtaining Personal Loans with a Cosigner Having a co-signer on a personal loan or credit card means that you associate another individual with your debt. Creditors can pursue reimbursement from the co-signer via repossessions, foreclosures, wage garnishment , and other aggressive actions.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. Examples of Unsecured Debts. What Happens When You Can’t Pay Unsecured Debts?