Collateral Credit Card Debt Creditors Garnishment 
Sawin & Shea
NOVEMBER 15, 2023
If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. Chapter 13 involves commitment from the declarer to repay a portion of their debt over a specified period (usually three to five years). Unsecured Debt What is unsecured debt?
Sawin & Shea
OCTOBER 26, 2022
Unsecured loans are loans that don’t have collateral. Common unsecured loans include: Bank loans with no collateral. In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Credit card debts. Payday loans. Signature loans. Repossession deficiency claims.
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Sawin & Shea
JANUARY 18, 2023
Unsecured debts are not backed by collateral, such as car payments and home mortgages. They will work with you to gather your financial records, including all of your debts, expenses, assets, and income streams. Additionally, your creditors will not be allowed to contact you.
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.
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 need to disclose all of your credit cards that have a balance on them when you file. What Are Your Bankruptcy Lawyer Fees?
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. Additionally, filing for bankruptcy before a divorce can save you the headache of dealing with creditors in the future.
Sawin & Shea
JANUARY 24, 2024
The court sells off your nonexempt assets and uses the proceeds to pay your creditors. The remaining qualifying debts are discharged, meaning you are no longer responsible for paying them back. Your assets are protected while you make monthly payments to creditors through the court. I have seen it many times in my practice.
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