Sawin & Shea

NOVEMBER 15, 2023

In broad terms, if a debt is secured, it means it is backed up by collateral property. If a debt is unsecured, no collateral is put up as a guarantee to pay. They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home). What is the difference?

Unsecured Debt 52

Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. Pension loans: If you took out a loan against your pension, an automatic stay would not protect you from wage garnishment to repay the loan.

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

NOVEMBER 24, 2021

Many people worry that bankruptcy will simply delay the inevitable, such as a lawsuit, wage garnishment, or a foreclosure, and that their creditors will still come after them. Pension loans: If you took out a loan against your pension, an automatic stay would not protect you from wage garnishment to repay the loan.

Bankruptcy 52

Bankruptcy Garnishment Repossession Foreclosure 52

Sawin & Shea

DECEMBER 21, 2023

It stops: Debt collection efforts Foreclosures Wage garnishments Civil lawsuits Utility shutoffs Most other creditor actions to collect pre-bankruptcy debts The stay helps facilitate the goals of bankruptcy by preventing creditor collection efforts and allowing time for orderly debt restructuring or liquidation.

Bankruptcy 52

Bankruptcy Debtor Repossession Creditors 52

Sawin & Shea

JANUARY 24, 2024

The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Equity loans put your home at risk as collateral. Your assets are protected while you make monthly payments to creditors through the court.

Debt Consolidation 52

Debt Consolidation Bankruptcy Chapter 13 bankruptcy Collateral 52

Credit Corp

JUNE 14, 2023

The vehicle you purchase serves as collateral for the loan. If you fall too far behind on payments, the mortgage lender may initiate foreclosure proceedings. While state laws vary, you typically have to be 120 days past due or more before lenders start foreclosure proceedings. This process is referred to as repossession.

Repossession 83

Repossession Student loans Student Loans Lender 83

Debt Free Colorado

DECEMBER 9, 2021

Short foreclosure protection – When your home is faced with foreclosure, the automatic stay is not in effect indefinitely. Complete protection from creditors – This includes wage garnishment and debt collection. The lender protects the borrower against foreclosure. Unsecured debt is debt without collateral.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75