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What Is a Personal Guarantee in Bankruptcy?

Sawin & Shea

A friend or family member may step in to assist the borrower in obtaining a loan for a car, home, or student loan. Unfortunately, if a friend or family member needs someone to personally guarantee their loan, that likely means they’ll have a high-interest rate and have a higher chance of defaulting on payments.

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Consumer Debt vs. Non Consumer Debt

Sawin & Shea

Examples of non consumer debts include: Alimony Child support Traffic tickets Parking tickets Criminal restitution Business loans Personal guarantees Business property mortgages Business-related legal fees Taxes. Are Student Loans Consumer or Non-Consumer Debts? The post Consumer Debt vs.

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Nearly Half of Indiana Facing Medical Debt

Sawin & Shea

If you’re struggling with medical debts, we encourage you to contact medical bill lawyers to go over options to make your medical debt more manageable. 25% of debts in collections were credit card related, and 20% were student loan debts. Contact Indiana Bankruptcy Lawyers. Indiana’s Medical Debt.

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Questions to Ask a Chapter 7 Bankruptcy Lawyer Before Filing for Bankruptcy

Sawin & Shea

If you’re struggling with debt and considering bankruptcy, speaking with a bankruptcy lawyer can help you determine your best options and give you some clarity on how the process works. At Sawin & Shea, LLC, our Chapter 7 Bankruptcy lawyers have helped clients just like you in the Indianapolis and surrounding areas.

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Dealing With Debt From COVID-19

Debt Free Colorado

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.

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Can I File Bankruptcy on Just My Credit Cards?

Sawin & Shea

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. Do I Need a Lawyer to File for Bankruptcy?

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What Debts Are Not Discharged in Bankruptcy?

Sawin & Shea

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. A Special Note About Student Loan Debt Can student loans be discharged in bankruptcy?