Debt Free Colorado

NOVEMBER 28, 2024

The two most common types are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 Bankruptcy The liquidation process is managed by a trustee who sells non-exempt assets to pay creditors. A key benefit of Chapter 7 bankruptcy is the quick discharge of debts.

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Debt Free Colorado

APRIL 9, 2020

They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. You’ll have more flexibility with a nationwide loan servicers like Toyota, Ally, or Santander than you will with a buy-here-pay-here lender, but their sympathy is limited. Your Mortgage.

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Debt Free Colorado

DECEMBER 23, 2024

Understanding what debts bankruptcy can eliminate is important. Unsecured debt is a type of debt that is not backed by collateral. In this article, we will explore the types of unsecured debts that bankruptcy can erase. Credit cards, medical bills, and personal loans make up most unsecured debt that bankruptcy can eliminate.

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Sawin & Shea

APRIL 17, 2024

In this blog, we’ll discuss how Chapter 13 usually affects credit scores, and we’ll give you actionable tips to begin rebuilding your credit. If you have additional questions regarding Chapter 13 or Chapter 7 bankruptcy, contact the attorneys at Sawin & Shea, LLC.

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Debt Free Colorado

OCTOBER 12, 2023

Key information needed includes the applicant’s Social Security Number, business name (if applicable), chosen bankruptcy chapter, filing fee payment method, past bankruptcy filings, home rental status, ownership of hazardous property, and completion of a credit counseling course. You can start over because of that.

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Fraser

JUNE 25, 2020

Because debtors require sufficient cash to operate their businesses and pay for the administrative expenses of the chapter 11 process, many seek interim court approval for financing (called “debor-in-possession” or “DIP” financing) and/or the use cash collateral that is subject to a secured creditor’s lien. Proof-of-Claim Bar Date.

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

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Jimerson Firm

FEBRUARY 11, 2022

Under the SBA’s 7(a) loan program, secured lenders are generally responsible for pursuing collection against guarantors, liquidating collateral, and obtaining recovery through bankruptcy before requesting guaranty recovery. However, the SBA has recognized alternative procedures for unsecured PPP loans.

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Debt RR

DECEMBER 13, 2019

Banks can seize business assets and liquidate as a last resort to cut their losses. If collateral is seized, it often occurs in court, leaving a record for other partners and vendors to dig up. Retailers Gymboree, Charlotte Russe, Payless, Roberto Cavalli, and Diesel filed Chapter 7 bankruptcies in 2019.

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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. As with equipment leases, secured debt may be reduced by surrendering the security deposit or collateral. These liens are public record and show up on credit reports.

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Better Credit Blog

JANUARY 11, 2022

There are several different types of bankruptcies, but the majority of individuals can only file for Chapter 7, which is also known as liquidation bankruptcy, and Chapter 13 bankruptcy, which is also known as the wage earner’s plan. Pay stubs for the past six months before the bankruptcy.

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