Roths Child Law

DECEMBER 15, 2021

Credit cards are one of the more common unsecured debts. Secured debts are ones that have an asset attached to them. If you fail to make the payments, the creditor could repossess the asset to help cover the balance due to them. Car loans and mortgages are types of secured debts.

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Sawin & Shea

NOVEMBER 15, 2023

One of the benefits of declaring bankruptcy is that debt collectors cannot try to collect on debts that were discharged in bankruptcy. Secured Debt Secured debt would include things like: House mortgages Car/vehicle loans Some taxes Loans for furniture/appliances/large electronics Which type of debt is most often secured?

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Sawin & Shea

MAY 2, 2024

Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. Secured Debt vs. Unsecured Debt Not all debts are treated equally in bankruptcy court.

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Sawin & Shea

JANUARY 25, 2022

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. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral. What is Unsecured Debt?

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Roths Child Law

JANUARY 31, 2023

If you are seeking to discharge unsecured debts like medical debts, credit card debts and unsecured loans, then you need to file for Chapter 7 bankruptcy. However, if you are dealing with secured debts like a mortgage or a car loan, then you need to file Chapter for 13 bankruptcy.

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Sawin & Shea

FEBRUARY 21, 2024

This is different from Chapter 7 bankruptcy which liquidates assets to pay back debts but does not involve a structured repayment plan. A major benefit of Chapter 13 bankruptcy is that it allows the filer to catch up on missed mortgage, car loan, and other secured debt payments by incorporating them into the repayment plan.

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Sawin & Shea

DECEMBER 21, 2023

This states whether the debtor will surrender, redeem, or reaffirm secured debts. The creditor can then pursue repossession or foreclosure. Common violations include sending demand letters, making collection calls, or attempting repossession post-bankruptcy.

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Titan Consulting

AUGUST 23, 2020

Protect secured debt (home and car) from default to avoid a repossession or foreclosure. Negotiate unsecured debt (credit cards) if you are unable to keep up with payments. Take advantage of payment waivers. Call creditors as soon as you have a shortfall.

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Sawin & Shea

AUGUST 30, 2023

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). Under Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts. Alimony payments.

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Credit Corp

JUNE 4, 2024

A mortgage is a type of secured debt , which means your lender can seize your property and sell it if you don’t repay the loan as agreed. The purpose of conducting a foreclosure is to repossess the property, sell it, and use the money from the sale to cover your loan balance. Why Do You Need an Appraisal?

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Sawin & Shea

MARCH 7, 2023

Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts. When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property.

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Better Credit Blog

FEBRUARY 11, 2022

The firm can deal only with unsecured debts, including credit card bills. It can’t tackle secured debts like auto loans and mortgages. Collections and repossessions firms. Business debt. Student debt. IRS debt and back taxes. Other secured debts. Credit card loans. Personal loans.

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Sawin & Shea

JANUARY 11, 2024

Chapter 7 Bankruptcy: Straight liquidation bankruptcy that wipes out eligible debt completely Stop creditor harassment, lawsuits, wage garnishment Get a discharge of most unsecured debts like credit cards and medical bills in just a few months Certain assets like cars or houses can be “reaffirmed” and kept after bankruptcy Qualification (..)

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Debt Free Colorado

JANUARY 10, 2022

You will be required to attend a creditors meeting and answer questions about your debt. Bankruptcy instantly halts collection efforts, judgements, and repossessions and allows an opportunity to renegotiate or be forgiven. Secured debts can be discharged. Filing a Chapter 7 bankruptcy is not costly.

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Debt RR

DECEMBER 13, 2019

Past-Due Secured Debt. Just like individuals, businesses often have mortgages, vehicle loans, and other secured loans. Debt can also be secured using intellectual property, equity, and other soft debt. Missing payments on secured debt causes the creditor to repossess the property as recourse.

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Sawin & Shea

JUNE 14, 2023

If you still have unsecured joint debts with your ex-spouse, going through Chapter 7 will discharge your liability for the debt, but your former spouse will still be financially responsible unless they also discharge it through bankruptcy.

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Debt Free Colorado

MARCH 3, 2023

What Debts are Discharged in Bankruptcy? Unsecured debts , including credit card and medical bills, as well as some judgments or past taxes, may be discharged. Generally, secured debt (loans backed by collateral), student loans, child support or alimony, recent taxes, criminal fines, or personal injury judgments cannot be discharged.

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Sawin & Shea

APRIL 10, 2024

Reaffirming Debts in Chapter 7 Bankruptcy Chapter 7 bankruptcy allows you to discharge your unsecured accounts, but you cannot do away with a creditor’s a security interest, meaning a debt with collateral must either get paid or the collateral property surrendered.

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