Remove Chapter 13 bankruptcy Remove Collateral Remove Credit Card Debt Remove Creditors
article thumbnail

Does Chapter 13 Wipe All of Your Credit?

Sawin & Shea

Chapter 13 bankruptcy is an invaluable financial tool for those struggling with overwhelming debt, and it can pave the way for a fresh start. Unlike Chapter 7 , Chapter 13 bankruptcy allows you to avoid liquidating your non-exempt assets. What Is a Chapter 13 Bankruptcy Filing?

article thumbnail

Consumer Debt vs. Non Consumer Debt

Sawin & Shea

When filing Chapter 7 or Chapter 13 bankruptcy, it’s critical to understand the difference between consumer debt and non-consumer debt. If you’re considering filing Chapter 7 or Chapter 13 bankruptcy, consider enlisting the help of skilled bankruptcy attorneys.

Insiders

Sign Up for our Newsletter

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

article thumbnail

What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

A variety of factors determine whether or not you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter 13 bankruptcy. Unsecured loans are loans that don’t have collateral. Credit card debts.

article thumbnail

Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor. Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

article thumbnail

What Happens After a Personal Loan Bankruptcy Discharge?

Sawin & Shea

A variety of factors determine if you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter 13 bankruptcy. Unsecured loans don’t have collateral.

article thumbnail

Cosigner Responsibilities: When Is a Cosigner Liable for a Debt?

Sawin & Shea

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.

article thumbnail

Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

Unsecured debts are not backed by collateral, such as car payments and home mortgages. Although the idea of liquidating your assets may sound stressful and undesirable, most of those who declare Chapter 7 can retain all of their possessions after filing. What Happens After You File Chapter 7 Bankruptcy?