Sawin & Shea

JANUARY 18, 2023

Unsecured debts are not backed by collateral, such as car payments and home mortgages. Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action.

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Sawin & Shea

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien.

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Credit Corp

JUNE 14, 2023

Car Repossession It’s important to realize that an auto loan is a type of secured loan. The vehicle you purchase serves as collateral for the loan. This process is referred to as repossession. Laws regarding car repossessions vary from state to state. Laws regarding car repossessions vary from state to state.

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Debt Free Colorado

DECEMBER 9, 2021

Complete protection from creditors – This includes wage garnishment and debt collection. Unsecured debt is debt without collateral. Collateral guarantees debt repayment. Occasionally, creditors may refuse to repossess little goods due to the expense of picking them up. This is a secured obligation.

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Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. You will be assigned a trustee during the process who will review your assets and finances. However, every case is different.

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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. Creditors can pursue reimbursement from the co-signer via repossessions, foreclosures, wage garnishment , and other aggressive actions.

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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. While credit cards and other unsecured loans are almost always the most aggressive when it comes to collecting debts, they should generally be your lowest priority. Your Mortgage.

Student loans 82

Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 82

Sawin & Shea

JUNE 21, 2023

Removal of your automatic stay protection : You’ll no longer have protection from your creditors, potentially leaving you vulnerable to wage garnishment, debt collection lawsuits, repossessions, and foreclosures. After your bankruptcy dismissal, you’ll lose access to these more desirable repayment options.

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Debt Free Colorado

MARCH 3, 2023

Generally, secured debt (loans backed by collateral), student loans, child support or alimony, recent taxes, criminal fines, or personal injury judgments cannot be discharged. What Can’t Bankruptcy Do? What Debts are Discharged in Bankruptcy? After Filing for Bankruptcy, am I Still Able to Own Property?

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