Collateral Credit Card Debt Creditors Secured debt 
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
MARCH 13, 2024
In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secured debts? 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.
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Sawin & Shea
AUGUST 9, 2023
Credit card debt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. Can I Declare Bankruptcy for Credit Card Debt?
Sawin & Shea
OCTOBER 26, 2022
In order to plan out your financial future, you need to understand the difference between secured and unsecured loans. Unsecured loans are loans that don’t have collateral. Common unsecured loans include: Bank loans with no collateral. Credit card debts. Payday loans. Signature loans. Old lease balances.
Sawin & Shea
DECEMBER 7, 2022
Don’t Accumulate Any More Debt. If you’re already in the middle of filing for bankruptcy, any new debt that you accumulate will not be discharged. This includes credit card debt, so try to avoid racking up a substantial balance this season. Secured debts refer to debts with collateral, such as a home or car.
Sawin & Shea
APRIL 10, 2024
Chapter 7 is also known as liquidation bankruptcy because it involves liquidating (selling off) non-exempt assets belonging to the debtor to repay creditors and lenders. The bankruptcy trustee will sell your non-exempt assets to pay a portion of your debts to creditors. Indiana’s median income changes from year to year.
Debt Free Colorado
DECEMBER 9, 2021
Consider your income, assets, creditors, expenditures, and your ability to pass the means test while selecting between Chapter 13 and Chapter 7. Creditors are prohibited from contacting you after your petition is filed. Bankruptcy Chapter 7 allows for limitless credit; but, significant gains are not permitted.
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