Collection Industry News
JULY 22, 2023
The Biden administration announced Friday it would automatically forgive $39 billion in student debt for 804,000 borrowers. The relief is a result of fixes to the student loan system’s income-driven repayment plans. Working people have been made collateral damage by a dysfunctional student loan system.”
Sawin & Shea
AUGUST 9, 2023
Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. Creditors cannot reclaim any of your property if you default on a loan. However, secured debt means the borrower has put up collateral (e.g. When Should I Consider Declaring Bankruptcy?
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Sawin & Shea
MARCH 9, 2022
Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts. Secured debts refer to debts with collateral, like house payments and car payments.
Troutman Sanders
FEBRUARY 13, 2024
The judge stated that since Genesis never transferred the assets, they cannot be considered as collateral pledged by the debtor. Gemini had alleged that Genesis pledged more than 61 million shares of Grayscale to secure loans, then defaulted on the loans. Genesis filed for Chapter 11 protection in January 2023 with $5.1
Debt Free Colorado
APRIL 9, 2020
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. 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.
Sawin & Shea
APRIL 10, 2024
Reaffirming Debts in Chapter 7 Bankruptcy Chapter 7 bankruptcy allows you to discharge your unsecured accounts, but you cannot do away with a creditor’s a security interest, meaning a debt with collateral must either get paid or the collateral property surrendered.
Sawin & Shea
JANUARY 18, 2023
Unsecured debts are not backed by collateral, such as car payments and home mortgages. What is Chapter 7 Bankruptcy? Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts.
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