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10 Common Questions About Bankruptcy

Debt Free Colorado

Do Bankruptcies Come in Different Types? There are officially six separate categories of bankruptcy , each designated after a specific section of federal bankruptcy law. However, Chapter 7 and Chapter 13 bankruptcy are the two types of bankruptcy that are most frequently filed.

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What Are Preferential Payments in Bankruptcy?

Sawin & Shea

Bankruptcy Filing and Preference Payments When a debtor decides that the best way forward is filing bankruptcy, that’s not a decision that is undertaken lightly. To determine the best way to proceed, and whether Chapter 7 or Chapter 13 bankruptcy are right for you, you should meet with an experienced bankruptcy lawyer.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

Unsecured debt would include things like: Medical bills Credit card bills Utility bills Back rent Personal loans At the end of the bankruptcy process, the remaining balances for these types of unsecured debts will likely be forgiven. The two most common examples of secured debt are mortgages and auto loans.

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Deepening Circuit Split, Third Circuit Holds that Items Seized Pre-Petition Did Not Violate Automatic Stay

Consumer Financial Services Law

Joy Denby-Peterson purchased a 2008 Corvette in July 2016, and several months later the vehicle was repossessed when Denby Peterson failed to make all of the required loan payments. After repossession, Denby-Peterson filed an emergency Chapter 13 Bankruptcy petition in the Bankruptcy Court for the District of New Jersey.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

In some cases, the assets or secured interest is something a creditor voluntarily agrees to in a lien; in other cases, the lien may be involuntary. Examples of Secured Debts. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.