Sawin & Shea

OCTOBER 11, 2023

It is important to understand that in either form of bankruptcy (Chapter 7 or Chapter 13), there are types of debt that cannot be discharged even after filing for bankruptcy. In broad terms, bankruptcy law differentiates between consumer-related debt as well as secured vs. unsecured debt.

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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. However, secured debt means the borrower has put up collateral (e.g.

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Bankruptcy Credit Card Debt Collateral Lawyers 52

Sawin & Shea

MARCH 13, 2024

Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. The agreement makes you responsible for the debt again like the bankruptcy never happened for that debt.

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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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Sawin & Shea

SEPTEMBER 14, 2022

When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay. An automatic stay prevents creditors and lenders from collecting debt or collateral on protected assets. With consumer debts, co-debtors receive the protection of an automatic stay.

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Sawin & Shea

APRIL 17, 2024

The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecured debts after the trustee liquidates nonexempt assets. This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes.

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Debt Free Colorado

JANUARY 20, 2024

Chapter 7 Bankruptcy In Chapter 7 bankruptcy , eligible unsecured debts, including medical bills, may be discharged. That means the debtor is no longer legally obligated to repay these debts. Medical bills are typically considered unsecured debts. The debtor typically pays only a part of these debts.

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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.

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Qualco

APRIL 15, 2024

Digital finance expansion has simplified access to financial resources, streamlining the application and approval processes, thus making these unsecured loans highly attractive. Furthermore, the QCR platform supports migration and integration and encompasses AI capabilities alongside systems for corporate and collateral management.

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Sawin & Shea

AUGUST 23, 2023

If you’re looking for immediate debt relief and you’re hoping to immediately begin building back your good credit, Chapter 7 would be the best fit for you and your goals. To keep thing like houses and cars through a Chapter 7 you will need to reaffirm the debts on the house or car and maintain regular payments. Where Do I Go From Here?

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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.

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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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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.

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Jimerson Firm

JANUARY 27, 2021

If the borrower is unable to pay the full amount owed on an SBA loan after all of the collateral has been liquidated, the borrower may submit an “offer in compromise.” An offer in comprise allows borrowers to settle their debt on the SBA loan for less than the full amount owed. SOP 50 57 2; SOP 50 55.

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Debt Free Colorado

DECEMBER 30, 2023

Here are some factors to consider: Assessing Debt Types: Evaluate the nature of your debts—unsecured debts like credit cards may make bankruptcy a viable option, while secured debts tied to collateral may not be adequately addressed through retirement savings.

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Sawin & Shea

JUNE 7, 2023

The guarantor may be required to provide collateral or security to the lender to reduce the risk of the loan. Cosigners and Chapter 7 Bankruptcy Chapter 7 is a form of bankruptcy that allows individuals to discharge most unsecured debts, such as credit card debt or medical bills, without having to repay them.

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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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Debt RR

DECEMBER 13, 2019

These unsecured debts come in the form of payments for goods and services already received, royalties, commissions, or salaries. When a business starts skipping payments for these basic operational debts, it’s a major red flag that it’s in financial trouble. Indenture Agreement Violations.

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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.

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Jimerson Firm

AUGUST 7, 2020

When deciding whether to appoint a receiver, the court must consider the following facts and circumstances enumerated in the Act, together with any other relevant facts: Whether appointment of a receiver is necessary to protect the mortgaged property from waste, loss, substantial diminution in value, transfer, dissipation, or impairment; Whether the (..)

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Debt Free Colorado

DECEMBER 9, 2021

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. Additionally, not all unsecured debt is dischargeable under Chapter 7. The means test decides who can seek debt relief.

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Sawin & Shea

AUGUST 24, 2022

When you’re going through the process of filing Chapter 13, foreclosure cannot occur because you’re granted an automatic stay, meaning that lenders cannot pursue your debts and recover collateral, including your home. If you’re eligible to file under Chapter 7 and only have unsecured debts, this may be your best course of action.

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Debt RR

AUGUST 3, 2020

While there might be property debt situations that warrant garnishment, it’s more often used for unsecured debt, or debt that isn’t backed by any collateral. State tax agencies, however, might still need to obtain a Writ of Garnishment and have a bank levy placed on the debtor.

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BN Lawyers

MARCH 23, 2020

For an unsecured creditor to obtain a recovery, it would need to engage in a months-long legal process to obtain a judgment that could be halted at any point by a chapter 11 bankruptcy reorganization. Secured creditors can foreclose on their collateral if they are not paid and have special rights in a reorganization proceeding.

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Titan Consulting

SEPTEMBER 2, 2020

However, the long-term interest charged at the end of the promotional period could be as high as the existing debt, limiting its usefulness. HELOC ( home equity line of credit ) will convert unsecured debts into a secured loan using your home as collateral. What impact does debt consolidation have on my credit score?

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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

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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Collection Industry News

SEPTEMBER 29, 2020

Companies are nevertheless still required to file first day motions, including, for example, motions to use cash collateral, to make “adequate protection” payments to secured creditors after the petition date and before the plan is confirmed (via the Subchapter V trustee), and to file applications to employ professionals.

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Better Credit Blog

MAY 4, 2022

You can combine credit card debt, car finance, personal loans, student loans, medical bills, payday loans, and other types of unsecured debt. But is debt consolidation a good idea for you? Some credit cards and loans have one-off set-up charges or origination fees to consider, too. Risk to loan guarantees.

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Troutman Sanders

MAY 2, 2023

government securities, cash, and repurchase agreements collateralized by U.S. On April 26, the CFPB, noting a rise in credit card delinquencies, released a new blog post analyzing civil judgments, the final recourse for creditors to collect on unsecured debt. of its total assets in U.S. For more information, click here.

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