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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Collection Industry News

MAY 24, 2021

She’s actually more concerned about the weight of student loans. 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. Another secured debt you can consider tackling is your mortgage.

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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?

Chapter 7 bankruptcy 52

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Debt Free Colorado

JANUARY 10, 2022

Bankruptcy wipes out all debts and gives you a fresh start. Only student loans, taxes, and past-due child support are non-dischargeable. . After filing for bankruptcy, most people may apply for credit cards and auto loans. Most credit card require a security deposit to start an account.

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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. Creditors cannot reclaim any of your property if you default on a loan. However, secured debt means the borrower has put up collateral (e.g. What other debts do I owe?

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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?

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Debt Guru

JANUARY 27, 2021

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. Student loans aren’t covered, either. Medical bills, utilities, and cell phone bills can also be included.

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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. Most federal student loans.

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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.

Chapter 13 bankruptcy 52

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Debt Free Colorado

DECEMBER 23, 2024

These debts have no collateral, so creditors cannot take your property without going to court first. Late utility bills also count as unsecured debt. Some debts stay with you even after bankruptcy. Student loans, child support, recent taxes, and court fines must be paid in full.

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Hudson Weir

SEPTEMBER 4, 2023

A debt relief order typically lasts for 12 months. During this time, if your circumstances change – e.g. if there’s an increase to your regular income, or you receive valuable goods – the Insolvency Service must be informed.

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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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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.

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