Collections Foreclosure Garnishment Secured debt 
Sawin & Shea
DECEMBER 21, 2023
This stay halts most collection activities and legal actions against the filer. At the moment of filing, creditors receive legal notice to halt collection activities. The duration of the automatic stay depends on the type of bankruptcy and whether collection is against the debtor or the debtor’s property.
Sawin & Shea
NOVEMBER 15, 2023
However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt. They may use collection agencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home).
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Debt Free Colorado
DECEMBER 9, 2021
If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.
Sawin & Shea
JANUARY 11, 2024
There are some key differences between these two types of bankruptcy.
Debt Free Colorado
MARCH 3, 2023
For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. Are you at risk of falling into foreclosure, being evicted, or having your utilities cut off?
Credit Corp
MAY 3, 2023
Bankruptcy does have some benefits, such as potentially putting a stop to wage garnishments or foreclosures. Usually during a Chapter 13 you only pay off part of your debts. Priority and secured debts, such as taxes or auto loans, are paid in full. The Trustee’s office then pays various creditors.
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