Sawin & Shea
NOVEMBER 15, 2023
Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. And possibly the most common question people ask is credit card debt is secured or unsecured.
Sawin & Shea
JANUARY 25, 2022
However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral.
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Debt RR
DECEMBER 13, 2019
These unsecured debts come in the form of payments for goods and services already received, royalties, commissions, or salaries. When a business starts skipping payments for these basic operational debts, it’s a major red flag that it’s in financial trouble. Secured Creditors. Unsecured Creditors.
Debt Free Colorado
MARCH 3, 2023
The main disadvantage of Chapter 7 bankruptcy is that anything subject to a security interest is not exempt (home, automobile) and can be seized to satisfy the debt connected to the specific item. What Debts are Discharged in Bankruptcy?
Collection Industry News
SEPTEMBER 29, 2020
Companies are nevertheless still required to file first day motions, including, for example, motions to use cash collateral, to make “adequate protection” payments to secured creditors after the petition date and before the plan is confirmed (via the Subchapter V trustee), and to file applications to employ professionals.
BN Lawyers
MARCH 23, 2020
For an unsecured creditor to obtain a recovery, it would need to engage in a months-long legal process to obtain a judgment that could be halted at any point by a chapter 11 bankruptcy reorganization. Drawing on secured credit facilities is less of a winning proposition.
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