Sawin & Shea

MAY 2, 2024

If you qualify for Chapter 7 bankruptcy, our attorneys can guide you through the process of eliminating unsecured debts, such as credit card balances, medical expenses, and personal loans, within a matter of months. Student loans are also difficult but not impossible to discharge in bankruptcy.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Qualco

APRIL 15, 2024

A CHANGING CREDIT LANDSCAPE Over the past five years, there has been a significant increase in the usage of unsecured credit products, such as personal loans and credit cards, particularly following COVID- 19 and the rising cost of living.

Financial Institution 97

Financial Institution Collections Debt Recovery Unsecured Debt 97

Debt Free Colorado

DECEMBER 9, 2021

Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. It’s a relatively straightforward technique to eliminate the majority of your debt. . Chapter 7 is a disaster when it comes to secured debt. .

Chapter 13 bankruptcy 75

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Titan Consulting

SEPTEMBER 2, 2020

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment.

Debt Consolidation 60

Debt Consolidation Unsecured Debt Consolidate Debt Personal loans 60

Debt Guru

JULY 19, 2020

You can consolidate all different types of debt – and the result is a simplified repayment process that involves a single payment each month. It works by getting one new loan and using that to pay off multiple existing creditors. Debt consolidation can be a great tool to get out of debt faster – but only when it’s used correctly.

Debt Consolidation 104

Debt Consolidation Unsecured Debt Collateral Personal loans 104

Sawin & Shea

JANUARY 4, 2024

For example, if you have an automobile loan secured by a car, it is not eligible for a hardship discharge. An ineligible priority debt could be child support or alimony payments owed, which can’t be discharged despite the hardship in your life. A student loan is an example of a nondischargeable debt under federal law.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. If you have a co-signer associated with your debt or if you are a co-signer, you need to be aware of how financial liability works and what happens when the primary debtor declares bankruptcy. Plus, being a co-signer can help a debtor build credit.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Sawin & Shea

OCTOBER 11, 2023

In broad terms, bankruptcy law differentiates between consumer-related debt as well as secured vs. unsecured debt. If a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay.

Bankruptcy 52

Bankruptcy Student loans Student Loans Chapter 7 bankruptcy 52

Sawin & Shea

APRIL 17, 2024

Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 52

Sawin & Shea

AUGUST 9, 2023

You aren’t allowed to pick and choose which debt you want the bankruptcy to apply to. Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. Creditors cannot reclaim any of your property if you default on a loan. What is my total credit card debt?

Bankruptcy 52

Bankruptcy Credit Card Debt Collateral Lawyers 52

Sawin & Shea

JANUARY 12, 2022

Discuss your tax debt with a bankruptcy attorney to make sure you get the most out of your discharge. Student Loans. Most student loans are not discharged without filing a separate lawsuit in the bankruptcy asking for a court order declaring them discharged. Student loans can be particularly challenging.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Student loans 52

Sawin & Shea

APRIL 12, 2023

However, there are other ways to pay back family and friends that the courts allow and won’t negatively impact the family member or friend who has loaned you money. In most cases, Chapter 7 rules protect assets that are classified as exempt at the time you file versus unsecured debt which is not protected. Who Is an Insider?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Sawin & Shea

MARCH 7, 2023

Will All of My Debt Get Discharged? When you file a Chapter 7 bankruptcy, it is only your unsecured debts that will be eligible for discharge. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Sawin & Shea

AUGUST 23, 2023

With Chapter 7 bankruptcy, you’ll be able to eliminate most unsecured debts, which includes: Credit card debt Medical debt Personal loans Payday loans Utility bills It’s important to keep in mind, though, that Chapter 7 will not eliminate all kinds of debt. Where Do I Go From Here?

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Sawin & Shea

AUGUST 30, 2023

Chapter 13 Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan. You are not allowed to have more than $465,275 of unsecured debt (such as credit card or medical debt) or more than $1,395,875 of secured debt (such as a house, property, or vehicle). Most federal student loans.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Sawin & Shea

JUNE 14, 2023

Declaring Bankruptcy Before a Divorce If you’re on good terms with your spouse and are struggling with unsecured debts, you may want to consider filing Chapter 7 bankruptcy before your divorce. This can also simplify the divorce process because you won’t have to divide your unsecured debts when going through dissolution proceedings.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Sawin & Shea

AUGUST 2, 2023

Chapter 7 Chapter 7 bankruptcy (the most common form of bankruptcy ) essentially wipes away a large portion of your unsecured debts and includes rules to protect assets that are classified as exempt at the time you file. Unsecured debt includes things like credit card debt, medical debt, and personal loans.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Debt Guru

JUNE 3, 2020

So, you’ve got a bunch of unsecured debt. You’re more than ready to start living debt-free. There are many different approaches for tackling debt repayment. The option you choose is strictly a personal decision – you need to find the tactic that you understand best and that you can sustain. Great decision!

Debt Consolidation 98

Debt Consolidation Credit Counselor Unsecured Debt Loans 98

Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. What types of debts can I lump together in a DMP? Secured debts, like your mortgage or car payments, aren’t covered.

Debt Management 52

Debt Management Unsecured Debt Debt Consolidation Creditors 52

Sawin & Shea

JULY 28, 2021

If you file for Chapter 13 Bankruptcy in Indiana, you will still be obliged to pay something toward your debts; it’s just that you will be given a payment plan that reduces your unsecured debts based upon your ability to pay, that puts you on a manageable schedule, and that holds your creditors at bay while you work on making achievable payments.

Bankruptcy 105

Bankruptcy Credit Card Debt Chapter 13 bankruptcy Chapter 7 bankruptcy 105

Better Credit Blog

MAY 4, 2022

You can even lower the total amount you have to repay if your debt consolidation method offers a lower interest rate. There are several ways to consolidate debts. In this guide, we’ll walk you through your options and show you how debt consolidation could simplify your repayments and save you money. Monthly Payment.

Debt Consolidation 70

Debt Consolidation Consolidate Debt Personal loans Loans 70

Sawin & Shea

NOVEMBER 17, 2021

In Chapter 7 bankruptcy, your utility bills are considered unsecured debts and will be treated like other debts in this category, such as credit cards, medical bills, and personal loans. Most types of unsecured debt get discharged when you file for Chapter 7.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Sawin & Shea

NOVEMBER 17, 2021

In Chapter 7 bankruptcy, your utility bills are considered unsecured debts and will be treated like other debts in this category, such as credit cards, medical bills, and personal loans. Most types of unsecured debt get discharged when you file for Chapter 7.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Collection Industry News

MAY 3, 2022

It would also ban Performance Settlement from certain loan-settlement and lead-generation activities. Performance Settlement is a general debt resolution company that negotiates settlements of consumers’ unsecured debts for a fee of 25% of the amount of the enrolled debt. Source: site.

Student loans 40

Student loans Student Loans Personal loans Loans 40

Roths Child Law

JULY 26, 2020

It is particularly beneficial for individuals who have a significant amount of unsecured debt, such as credit card balances and medical bills. In Chapter 7, several different types of debts are eligible for discharge. Chapter 7 bankruptcy is a popular option because it only takes a few months to complete.

Chapter 7 bankruptcy 40

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 40

Sawin & Shea

MAY 8, 2024

A cosigner is someone who agrees to be equally responsible for repaying a loan or debt if the primary borrower fails to make the payments. In the case of mortgage loans , a cosigner essentially guarantees that the lender will receive the monthly payments, even if the primary borrower defaults.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Lender Loans 52

Sawin & Shea

MARCH 13, 2024

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Chapter 13 bankruptcy Bankruptcy Collateral 52

Better Credit Blog

APRIL 11, 2022

Debt is the amount of money you owe to a lender or creditor. Some examples of debt are mortgages, credit card dues, and personal loans. Although accruing lots of debt isn’t ideal, it may sometimes be unavoidable, such as mortgage payments or student loans. What Are the Strategies to Get Out of Debt?

Debt Consolidation 74

Debt Consolidation Debt settlement Credit Card Debt Bankruptcy 74

Titan Consulting

SEPTEMBER 15, 2020

Financial hardship could make it possible to negotiate debt balances and pay less than the full amount owed. Bankruptcy can wipe out unsecured bills, leaving creditors with no way to recover the debt. When Should You Consider a Debt Settlement Program ? How to Negotiate Your Debt?

Credit Card Debt 84

Credit Card Debt Debt settlement Creditors Debt collector 84

Better Credit Blog

FEBRUARY 11, 2022

One of the most reputable is National Debt Relief, which has helped 100,000 families and individuals pay off their arrears in full. It’s resolved more than $1 billion in unsecured debt since it first launched in 2009. Decide whether the company’s services are right for you with this review of National Debt Relief.

Debt settlement 72

Debt settlement Creditors Lender Unsecured Debt 72

Credit Corp

MARCH 16, 2021

You have a habit of exhausting your credit limit quickly Whenever you are short of cash, you tend to take out a high-interest loan. You got married or had a sudden medical emergency for which your debt went out of your control. How to Control Your Debt Yourself. What kind of debts do you have? Debt Consolidation Loan.

Debt Consolidation 98

Debt Consolidation Credit Card Debt Debt settlement Creditors 98

Credit Corp

JUNE 1, 2021

Established credit history can impact everything from getting a future loan (such as a mortgage) to renting an apartment. Pay down debt. For most people, the way to do this is to get rid of unsecured debt that they carry month to month. Pay Student Loan Debt. Care for Your Credit Profile.

Student loans 97

Student loans Student Loans Loans Credit Card Debt 97

Sawin & Shea

APRIL 10, 2024

Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Credit Corp

MAY 3, 2023

Usually during a Chapter 13 you only pay off part of your debts. Priority and secured debts, such as taxes or auto loans, are paid in full. But unsecured, nonpriority debts, such as medical bills and credit card debt, are only partially paid. The Trustee’s office then pays various creditors.

Chapter 13 bankruptcy 97

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Creditors 97