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. It matters because not all debts are equal in the eyes of the law. Secured vs Unsecured Debt: What’s the Difference?
Debt Guru
AUGUST 21, 2020
This is not the case with higher-interest unsecured debt such as credit cards. These lenders use a fairly straightforward system to calculate your minimum payment, but remember that this is a system that benefits the credit card company – not the consumer. Slow payoff or no payoff.
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Sawin & Shea
AUGUST 24, 2022
Although sometimes borrowers can receive a forbearance or work out a repayment plan with their lenders, many are unable to reach this agreement, meaning they’re at risk of losing their homes. Chapter 7 bankruptcy liquidates your assets in order to discharge unsecured debts, such as medical bills and credit card debt.
Sawin & Shea
AUGUST 9, 2023
Credit card debt is a huge reason people end up filing for bankruptcy. The incredibly high interest rates alone plus the ease of procuring cards contribute to what can be a vicious cycle of maxing out limits, paying only minimums, and applying for more cards. Can I Declare Bankruptcy for Credit Card Debt?
Sawin & Shea
SEPTEMBER 14, 2022
What is Consumer Debt? Consumer debt refers to an individual, family, or household’s debts incurred through personal spending and expenses. When it comes to filing Chapter 13, your consumer and non-consumer debt classifications determine what is and isn’t protected by an automatic stay.
Sawin & Shea
OCTOBER 26, 2022
If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. Common unsecured loans include: Bank loans with no collateral. Personal loans from lenders that you know, such as acquaintances, co-workers, employers, friends, and family. Credit card debts. Payday loans.
Sawin & Shea
FEBRUARY 28, 2024
Types of personal loans include: Installment Plan Payday Peer-to-Peer Lending Cosigner /Guarantor Debt Consolidation Variable Rate Fixed Rate During your bankruptcy proceeding, at least a portion of these loans will be discharged, whether you borrowed from brick-and-mortar or online lenders.
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