Lender Repossession Unsecured Debt 
Sawin & Shea
JANUARY 25, 2022
While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation. However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13.
Sawin & Shea
NOVEMBER 15, 2023
Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. It matters because not all debts are equal in the eyes of the law. Secured vs Unsecured Debt: What’s the Difference?
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Sawin & Shea
OCTOBER 26, 2022
If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Common unsecured loans include: Bank loans with no collateral. Personal loans from lenders that you know, such as acquaintances, co-workers, employers, friends, and family. Repossession deficiency claims. Payday loans.
Sawin & Shea
SEPTEMBER 14, 2022
When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay. An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. With consumer debts, co-debtors receive the protection of an automatic stay.
Debt Free Colorado
DECEMBER 9, 2021
Chapter 7 is a disaster when it comes to secured debt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt. Additionally, not all unsecured debt is dischargeable under Chapter 7. The means test decides who can seek debt relief.
Titan Consulting
AUGUST 23, 2020
Chapter 7 liquidates assets and discharges qualified debts. The process takes less than a year and can eliminate the balance on most unsecured debts. At your request, lenders must grant a forbearance for up to 180 days, renewable for up to a year with a hardship attestation. Take advantage of payment waivers.
Credit Corp
MAY 3, 2021
The bank repossesses the car, but you still owe $20,000 on it. If the car is worth $15,000, the bank can sell it and recover that much of the loan—leaving $5,000 of debt to be canceled. You file for bankruptcy with $60,000 in unsecured debts, which are all discharged. That debt is also considered canceled.
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