Sawin & Shea

OCTOBER 26, 2022

Unsecured loans are loans that don’t have collateral. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Common unsecured loans include: Bank loans with no collateral. Personal loans from lenders that you know, such as acquaintances, co-workers, employers, friends, and family.

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Sawin & Shea

MARCH 13, 2024

Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars. The agreement makes you responsible for the debt again like the bankruptcy never happened for that debt. Next, the judge will assign a bankruptcy trustee to your case.

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Sawin & Shea

FEBRUARY 28, 2024

Types of personal loans include: Installment Plan Payday Peer-to-Peer Lending Cosigner /Guarantor Debt Consolidation Variable Rate Fixed Rate During your bankruptcy proceeding, at least a portion of these loans will be discharged, whether you borrowed from brick-and-mortar or online lenders. Unsecured loans don’t have collateral.

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Sawin & Shea

NOVEMBER 15, 2023

It distinguishes between what are called ‘secured’ and ‘unsecured’ debts, which are terms you need to know before filing for bankruptcy. And possibly the most common question people ask is credit card debt is secured or unsecured. Secured vs Unsecured Debt: What’s the Difference? What is the difference?

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Sawin & Shea

SEPTEMBER 14, 2022

What is Consumer Debt? Consumer debt refers to an individual, family, or household’s debts incurred through personal spending and expenses. When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay.

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Sawin & Shea

JUNE 7, 2023

It’s often necessary for risky or low-credit borrowers to have a co-signer in order to secure a loan or another form of debt. When a borrower applies for a loan or credit card, the lender will assess their creditworthiness by looking at their income, credit score, and debt-to-income ratio.

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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. They cannot take legal action against you or seize your assets.

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