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.
Sawin & Shea
JANUARY 25, 2022
Secured debts are a type of debt backed by an asset that is used as collateral. If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. Unsecured debt, unlike secured debt, is not tied to any collateral or property.
This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Sawin & Shea
FEBRUARY 8, 2023
Plus, these bankruptcy options also provide protection from creditors. An unsecured credit card does not require collateral to obtain approval. Unlike secured credit cards, which require a security deposit that serves as collateral, unsecured credit cards are approved based on your creditworthiness, income, and other factors.
Sawin & Shea
JUNE 21, 2023
The Chapter 13 repayment plan consolidates your existing debts into a three to five-year plan to pay back your creditors, and initiating the process offers immediate protections, including an automatic stay, and allows you to keep all of your possessions. Filing for Chapter 13 bankruptcy can help you improve your financial situation.
Better Credit Blog
AUGUST 3, 2021
Check to make certain this is the case, as you could potentially be putting your home at risk to get possessed by your creditors should you default on your loan. Accepted collateral includes cars, trucks, motorcycles, boats, and RVs. Offers online financial education resources. Many educational resources.
Better Credit Blog
AUGUST 3, 2021
Check to make certain this is the case, as you could potentially be putting your home at risk to get possessed by your creditors should you default on your loan. Accepted collateral includes cars, trucks, motorcycles, boats, and RVs. Offers online financial education resources. Many educational resources.
Consumer Financial Services Law
DECEMBER 29, 2016
I was one of four attorney members of the National Creditors Bar Association in attendance. Lastly, all groups encouraged the Bureau to publish the rules for creditors at the same time as the rules for the third party collectors. We were joined by representatives from the American Collectors Association and the Debt Buyers Association.
Expert insights. Personalized for you.
52 
Let's personalize your content