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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation.

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What Happens After a Personal Loan Bankruptcy Discharge?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

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How to Find the Right Online Personal Loan for You

Credit Corp

Everything is online these days—including personal loans. Online lenders make it easy to compare rates and terms and find the right online personal loan for your situation. Personal loans were the fastest-growing category of consumer debt in 2019 , according to a survey from J.D.

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Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. It basically serves as a legally binding promise that the person filing for bankruptcy will resume making payments in full and on time to the creditor.

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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

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. The two most common examples of secured debt are mortgages and auto loans. The debtor must maintain regular payments on the secured loan in order to keep the collateral.

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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. Unsecured debts are not backed by collateral, such as car payments and home mortgages. What is Chapter 7 Bankruptcy? What Happens After You File Chapter 7 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?