Debt Free Colorado

FEBRUARY 24, 2025

Some credit card balances may not be erased, especially if linked to fraud, luxury spending, or secured purchases. Secured debt, like financed electronics or furniture, may require repayment or repossession. The creditor can repossess the item if the debt is not repaid. What Is Bankruptcy Chapter 7?

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Sawin & Shea

AUGUST 24, 2022

The reason why this option is appealing is that it combines both unsecured and secured debts, such as a home loan, into a single repayment plan. A secured debt means that the borrower has collateral on the debt, such as a car lease. If you fail to make your payments, the lender can recover the collateral.

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Sawin & Shea

DECEMBER 7, 2022

With Chapter 7 bankruptcy , you reaffirm your secured debts while discharging unsecured debts. Secured debts refer to debts with collateral, such as a home or car. Most of the time, Chapter 7 filers are able to reaffirm their mortgages as long as they are not behind on payments. .

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Sawin & Shea

MAY 5, 2021

It is difficult to know exactly how many because often people will use credit cards to pay off medical or other bills when they are struggling with debt, and so the reason on a survey may be “credit card debt” even though the situation began as medical debt. Ten facts About Chapter 13 Bankruptcy and Medical Bills: #1.

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Sawin & Shea

OCTOBER 26, 2022

With secured personal loans, you need to pay a required amount either through the plan or during the plan. You can also surrender the loan’s collateral in order to discharge the debt. But, fortunately, people that are behind on secured debts can use Chapter 13 to return to good standing on secured debts.

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Debt Free Colorado

DECEMBER 9, 2021

If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. 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.

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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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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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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. Car loans and mortgages are types of secured debts. Medical bills also fall under this category.

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Sawin & Shea

OCTOBER 27, 2021

You can discharge the medical debt by filing Chapter 7 or Chapter 13 bankruptcy because medical debts are generally what is described as “unsecured debts”. Whether you take on your medical debt by attempting to negotiate or by declaring bankruptcy, you should consider talking to a lawyer.

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Debt Guru

JULY 19, 2020

Remember that there is unsecured debt (like your credit card balances) and secured debt (such as your mortgage and auto loan). The difference is that unsecured debts are not backed by collateral. You might be tempted to use your substantial home equity to consolidate debt. Don’t jeopardize your home.

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Sawin & Shea

JULY 15, 2020

Each of your monthly or bi-monthly payments will be distributed in priority order, starting with your trustee’s and attorney’s fees, followed by your high-priority debts like child support and back taxes, then your secured debts like your mortgage and car loans, and, finally, your unsecured debts.

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Sawin & Shea

MARCH 13, 2024

In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secured debts? Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Burr Forman

OCTOBER 30, 2020

At Burr, Anna represents both creditors and debtors to enforce or restructure debt obligations. She assists clients with all facets related to bankruptcy matters, including the collection and enforcement of secured debt obligations. She also represents clients in general commercial disputes.

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Sawin & Shea

JANUARY 5, 2022

In some situations, debtors may be interested in adding secured debts to their bankruptcy after filing, and some secured debts are seen as both pre-petition and post-petition. Adding secured debts like this after you file is possible but can make things more difficult.

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Sawin & Shea

MAY 2, 2024

When You Have Too Much Debt to Handle Sometimes debt can pile up to the point where making even minimum payments feels impossible with your current income. Credit card balances, personal loans, and other unsecured debts can quickly spiral out of control, especially when combined with secured debts like a car loan or mortgage.

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UK debt collections

APRIL 28, 2021

Any debts accrued during the ‘breathing space’ will not be covered to prevent issues such as misuse. There are a number of debt which are not covered by the scheme which include: Secured debts. Debts incurred after your breathing space started. Debts from fraud. Who is not eligible?

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Troutman Sanders

JULY 13, 2023

The final law applies a “capital and surplus” calculation to certain investment decision making of Connecticut banks ( i.e. , liabilities of borrowers, debt and equity securities, debt and equity mutual funds, social purpose investments, savings banks life insurance, mortgage lending, and real estate for the banks’ business).

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Titan Consulting

SEPTEMBER 2, 2020

It is challenging to secure lower rates with high existing debt levels because you have a lower credit score due to excessive credit utilization. Adding new debt to an already overburdened budget can further complicate your financial circumstances. Is debt consolidation risky?

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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

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.

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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.

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Qualco

APRIL 15, 2024

As financial hardships mount, debtors often prioritise the payment of secured debts like auto loans and mortgages over unsecured debts, leading to more incidents of unpaid loans.

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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. Find temporary employment if your job does not quickly call you back.

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Better Credit Blog

FEBRUARY 11, 2022

National Debt Relief will assess this by asking to see proof of income and expenses, like bank statements and wage slips. The firm can deal only with unsecured debts, including credit card bills. It can’t tackle secured debts like auto loans and mortgages. Business debt. IRS debt and back taxes.

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Sawin & Shea

MARCH 7, 2023

This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. However, if you used your home or car as a secured debt with a lender, you may need to return the property to the lender if you don’t pay as agreed. What Are Your Bankruptcy Lawyer Fees?

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Collections Law

JULY 1, 2020

As experienced collections attorneys, rather than providing a multitude of services to our clients in many different areas of law, we prefer to focus on debt collection and construction litigation with an expanded coverage area, which has resulted in our incredible success in Massachusetts debt collection. At the Law Offices of Alan M.

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Albuquerque Law

MAY 19, 2020

However, Chapter 13 has a limit On the other hand, the other form of personal bankruptcy, Chapter 13 bankruptcy, has a debt cap. To file Chapter 13 bankruptcy: One’s unsecured debts must total less than $394,725; and The total amount of secured debts must be under $1,184,200.

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Collection Industry News

MAY 24, 2021

“Student loan debt is debt that you can never get rid of in most cases. So that debt is really, really important,” Orman told CNBC. Because of that, Orman suggests tackling your student loan or other secured debts before clearing your credit cards. Another secured debt you can consider tackling is your mortgage.

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Sawin & Shea

DECEMBER 21, 2023

Within 30 days of filing bankruptcy, a debtor must file a Statement of Intent regarding secured property. This states whether the debtor will surrender, redeem, or reaffirm secured debts.

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Sawin & Shea

AUGUST 9, 2023

Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. However, secured debt means the borrower has put up collateral (e.g. Creditors cannot reclaim any of your property if you default on a loan.

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Sawin & Shea

OCTOBER 27, 2021

You can discharge the medical debt by filing Chapter 7 or Chapter 13 bankruptcy because medical debts are generally what is described as “unsecured debts”. Whether you take on your medical debt by attempting to negotiate or by declaring bankruptcy, you should consider talking to a lawyer.

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Debt Guru

JANUARY 27, 2021

What types of debts can I lump together in a DMP? Unsecured debts, such as credit cards, store cards and personal loans, can be part of your DMP. Secured debts, like your mortgage or car payments, aren’t covered. Medical bills, utilities, and cell phone bills can also be included.

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Debt RR

JANUARY 24, 2020

Secured debt: If a business receives a loan or other credit — like a credit card — because of specific assets or liquid collateral, they have secured debt. Though more uncommon than equipment leases and unsecured debt, some businesses are able to acquire secured credit options.

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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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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

JANUARY 4, 2024

The trustee and judge will look at whether you’ve met the three criteria listed above and determine whether your debt itself is fully eligible for this type of discharge. Ineligible types of debt include secured debts, priority debts, and nondischargeable debts.

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