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

JANUARY 25, 2022

Secured debts are a type of debt backed by an asset that is used as collateral. To enforce secured debts, your creditors may repossess your car or other vehicles, they may foreclose on your mortgage, or levy against other property you have either pledged as collateral or that is subject to an involuntary lien. What is Secured Debt?

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

Sawin & Shea

MAY 2, 2024

Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. Secured obligations have collateral attached, such as a mortgage secured by your home or an auto loan secured by your vehicle.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Sawin & Shea

JANUARY 18, 2023

Unsecured debts are not backed by collateral, such as car payments and home mortgages. Filing Chapter 7 bankruptcy provides you with an automatic stay that prohibits creditors from being able to take any action to collect a debt against you, such as repossessions, wage garnishment, and legal action. What is Chapter 7 Bankruptcy?

Chapter 7 bankruptcy 81

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 81

Debt Free Colorado

DECEMBER 9, 2021

Complete protection from creditors – This includes wage garnishment and debt collection. Unsecured debt is debt without collateral. Collateral guarantees debt repayment. Maintain ownership of all property – As long as you comply with the terms of your repayment plan. This is a secured obligation.

Chapter 13 bankruptcy 75

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Debt Free Colorado

APRIL 9, 2020

They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. You’ll have more flexibility with a nationwide loan servicers like Toyota, Ally, or Santander than you will with a buy-here-pay-here lender, but their sympathy is limited. Your Mortgage.

Student Loans 81

Student Loans Student loans Chapter 13 bankruptcy Chapter 7 bankruptcy 81

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

Collections Law

JANUARY 13, 2023

If your debtor hasn’t declared bankruptcy, there are several ways we can use to try to get you paid, even if you don’t have collateral or a court judgment yet. In some cases, we can garnish individual wages. The more debt they have out there, the smaller the slice each creditor can get, right? Not necessarily.

Debtor 52

Debtor Judgment Collateral Garnishment 52

PBWT

JANUARY 19, 2021

In 2019, we began following a Circuit split regarding a secured creditor’s obligation to return collateral that it lawfully repossessed pre-petition after receiving notice of a debtor’s bankruptcy filing. i] In re Denby-Peterson , 941 F.3d 3d 115, 126 (3d Cir. ii] In re Fulton , 926 F.3d 3d 916, 924 (7th Cir.

Bankruptcy 65

Bankruptcy Debtor Creditors Repossession 65

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. What is an Automatic Stay?

Bankruptcy 52

Bankruptcy Debtor Repossession Creditors 52

Credit Corp

JUNE 14, 2023

The vehicle you purchase serves as collateral for the loan. At that point, the lenders may be able to garnish your wages and other income sources. Private lenders have to go through legal channels, suing you once you default and getting a court order for garnishment. This process is referred to as repossession.

Repossession 83

Repossession Student Loans Student loans Lender 83

Debt Free Colorado

MARCH 10, 2021

UpRight’s delay resulted in a creditor garnishing more than $6,000 of the debtor’s wages. UpRight’s advice resulted in the debtors being sued by their automobile lender for conversion of its collateral.

Bankruptcy 40

Bankruptcy Collateral Garnishment Debtor 40

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. Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Collections Law

OCTOBER 5, 2020

Cohen LLC has used collection methods such as reach and apply injunction, wage garnishments (in the case of individual judgment debtors), and post-judgment discovery to help you collect your delinquent accounts receivables when your debtor won’t repay you willingly. These types of situations are where post-judgment collection comes into play.

Debt Recovery 52

Debt Recovery Debtor Judgment Collections 52

Debt Free Colorado

DECEMBER 23, 2024

Unsecured debt is a type of debt that is not backed by collateral. These debts have no collateral, so creditors cannot take your property without going to court first. This legal shield blocks creditors from calling you, stops foreclosure sales, prevents wage garnishments , and halts all collection lawsuits.

Unsecured Debt 52

Unsecured Debt Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy 52

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. Creditors can pursue reimbursement from the co-signer via repossessions, foreclosures, wage garnishment , and other aggressive actions.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Sawin & Shea

JUNE 14, 2023

Although the process takes much longer than Chapter 7, you’ll receive an immediate automatic stay, meaning that your creditors can’t take action against you, such as repossessing collateral and garnishing your wages.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Collections Law

JULY 1, 2020

Instead, they will help you collect on the debt by filing a lawsuit against the debtor, seeking and obtaining attachments on the debtor’s assets, and even garnishing their wages post-judgment so that you can get paid for your judgment debt. A mechanic’s lien is collateral.

Mechanic’s Liens 52

Mechanic’s Liens Debt Recovery Collections Judgment 52

Consumer Financial Services Law

OCTOBER 25, 2017

While the bank previously accepted late payments during a “grace period,” Mercantile did not accept any late payments from the Guys after January 2008, and Mercantile eventually seized the Guys’ real property, foreclosed on other collateral, garnished their wages, and obtained a deficiency judgment against them.

Loans 40

Loans Collateral Garnishment Judgment 40

Debt Free Colorado

MARCH 3, 2023

Generally, secured debt (loans backed by collateral), student loans, child support or alimony, recent taxes, criminal fines, or personal injury judgments cannot be discharged. What Debts are Discharged in Bankruptcy? Unsecured debts , including credit card and medical bills, as well as some judgments or past taxes, may be discharged.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Troutman Sanders

DECEMBER 20, 2022

Proposition 209 has been touted as a way to protect Arizonans with medical debt from bankruptcy, has set new exemption limits on property subject to debt collection, and has decreased the portion of a judgment debtor’s income subject to garnishment. The plaintiffs, led by the Arizona Creditors Bar Association, Inc.,

Financial services 52

Financial services Student Loans Student loans Loans 52

Sawin & Shea

JUNE 21, 2023

Removal of your automatic stay protection : You’ll no longer have protection from your creditors, potentially leaving you vulnerable to wage garnishment, debt collection lawsuits, repossessions, and foreclosures. After your bankruptcy dismissal, you’ll lose access to these more desirable repayment options.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Debtor 52

Troutman Sanders

JULY 27, 2023

Examiners found some servicers engaged in blanket cross-collateralization by accelerating and requiring payments from consumers on unrelated debts, such as credit cards, before consumers could reclaim their repossessed vehicles.

Lender 52

Lender Collections Repossession Retrieval 52

Account Recovery

APRIL 22, 2025

This move will affect approximately 5 million borrowers currently in default, with the department planning to begin wage garnishments and other collection measures in the coming months. What they said: American taxpayers will no longer be forced to serve as collateral for irresponsible student loan policies.

Student loans 147

Student loans Student Loans Loans Collections 147