Collateral Loans Unsecured Creditor Unsecured Debt 
Sawin & Shea
APRIL 10, 2024
Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets. This is a test that determines if you are eligible for a Chapter 7 bankruptcy.
Sawin & Shea
APRIL 17, 2024
Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable.
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Debt RR
DECEMBER 13, 2019
Some level of distressed debt can be forgiven, although that’s far from the only option. Refinancing typically lowers monthly payments and interest rates in exchange for lengthening the timeframe of the loan. Some creditors will accept equity and/or other concessions in exchange for debt forgiveness. Secured Creditors.
BN Lawyers
MARCH 23, 2020
These parties could foreclose or repossess the property securing the loans. These creditors are not of equal importance. A lender who provided a secured loan for your kitchen equipment would have a difficult time profitably foreclosing on those assets. Unsecured lenders should generally be willing to defer payments.
Debt Free Colorado
DECEMBER 9, 2021
Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecured creditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts.
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