Sawin & Shea

MARCH 9, 2022

Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts.

Chapter 13 bankruptcy 102

Chapter 13 bankruptcy Bankruptcy Unsecured Debt Collateral 102

Sawin & Shea

JANUARY 18, 2023

Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy 81

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 81

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. However, certain debts like child support, alimony, and other domestic support obligations cannot be eliminated.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

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

OCTOBER 27, 2021

Out of the reported debt statistics, 35% of all debts in collections were medical, which surpassed other forms of debt. 25% of debts in collections were credit card related, and 20% were student loan debts. What Should I Do If I Have Medical Debts? Bankruptcy Code.

Chapter 13 bankruptcy 98

Chapter 13 bankruptcy Bankruptcy Unsecured Debt Lawyers 98

Sawin & Shea

NOVEMBER 1, 2023

Your medical bills are considered “unsecured debts” which means there is no property that can be taken from you under contract as a result of not paying your medical bills — and most unsecured debts, like medical bills, are eligible for bankruptcy. Your combined total secured and unsecured debts are less than $2,750,000.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 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

Roths Child Law

MARCH 22, 2022

Unsecured debts such as credit card bills, medical bills, and large utility bills can be dismissed. . These include tax bills, student loans, and child support. Under the blanket of Chapter 7 bankruptcy, you can expect to have some big bills charged off. Determine if a means test is needed.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Unsecured Debt Student loans 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

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. Filers can typically retain the home and vehicle as long as you make payments on the loan. Federally managed student loans received an automatic six-month payment waiver.

Chapter 13 bankruptcy 86

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

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

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

DECEMBER 28, 2023

The money repaid goes primarily toward important priority debts like mortgages, car loans, taxes, and support obligations first. The remainder pays off a fraction of lower-priority debts such as credit cards, medical bills, and utilities. Ultimately, balances on most types of unsecured debts are discharged at the end of a plan.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Repossession Foreclosure 52

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

Sawin & Shea

OCTOBER 27, 2021

Out of the reported debt statistics, 35% of all debts in collections were medical, which surpassed other forms of debt. 25% of debts in collections were credit card related, and 20% were student loan debts. What Should I Do If I Have Medical Debts? Bankruptcy Code.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Unsecured Debt Lawyers 52

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

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

Debt Free Colorado

MARCH 3, 2023

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. However, how can you tell if your debt issue calls for such a drastic measure?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Debt Guru

AUGUST 21, 2020

But not all debt is created equal, and a good debt repayment plan will keep these differences in mind. Loans with a low interest rate (around 7% and below) such as mortgages and federal student loans have a built-in pay-off date. This is not the case with higher-interest unsecured debt such as credit cards.

Credit Card Debt 78

Credit Card Debt Unsecured Debt Student Loans Student loans 78

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

Debt RR

AUGUST 3, 2020

Business debt, whether from small business loans, corporate credit cards, or federal and state taxes, can be a challenge to manage. And if the debt remains unpaid for too long, it can exacerbate the situation for many business owners and finance managers. Student loans. Student loan disbursements.

Garnishment 40

Garnishment Banks Student Loans Student loans 40

Credit Corp

MAY 3, 2021

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. Not all debts that are canceled require a 1099-C.

Repossession 94

Repossession Bankruptcy Creditors Unsecured Debt 94

Better Credit Blog

JANUARY 20, 2022

TransUnion calculates that paying off $5,000 of credit card debt at the minimum rate costs $10,000 in interest. This is where a debt relief program can help, typically with unsecured debt, meaning debt not associated with a tangible asset like a house or car. I was not told that by my consultant.

Creditors 76

Creditors Credit Card Debt Unsecured Debt Debt settlement 76

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

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

Collection Industry News

DECEMBER 21, 2020

Three Types of Chapter 10 Plans: “Residence” and “Property” Plans for Repayment of Secured Debts and General Repayment Plans for Unsecured Debts. Residence and property plans under the CBRA allow consumers to change loan interest rates, adjust amortization schedules, and cure defaults.

Bankruptcy 40

Bankruptcy Chapter 7 bankruptcy Student loans Student Loans 40