Sawin & Shea

NOVEMBER 15, 2023

Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. It distinguishes between what are called ‘secured’ and ‘unsecured’ debts, which are terms you need to know before filing for bankruptcy. Secured vs Unsecured Debt: What’s the Difference?

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Credit Corp

OCTOBER 5, 2023

Snapshot: This OpenSky Secured Visa credit card offers a way for those with poor or no credit to build credit. It has a fairly low annual fee ($35 ) and is simple to qualify for, making it an affordable way to enter into the credit card market for younger adults.

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Sawin & Shea

FEBRUARY 8, 2023

Although bankruptcy can help you overcome debt, it will negatively impact your credit score, making it more challenging to obtain credit cards, loans, and other financial products. Here are some expert tips for rebuilding your credit and finding the best credit cards after bankruptcy.

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Credit Corp

OCTOBER 11, 2023

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. Snapshot: You can secure a small credit limit with a deposit ($200 minimum) and don’t need great credit to get approved for this card. Does it report to all three credit bureaus? You also earn 1.5%

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Credit Corp

FEBRUARY 28, 2024

Advertiser Disclosure: Credit.com has partnered with CardRatings for our coverage of credit card products. A secured credit card requires you to put down a security deposit in order to get it. A secured credit card requires you to put down a security deposit in order to get it. Often, this is returned as a statement credit.

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Credit Corp

MARCH 7, 2021

Secured vs. Unsecured Loans Benefits of Online Personal Loans How to Find the Right Online Personal Loan Comparison Shop for Loans. million Americans had an unsecured personal loan at the start of 2019. Secured vs. Unsecured Loans. For instance, a home would act as collateral in a mortgage or home equity line of credit (HELOC).

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Nerd Wallet

FEBRUARY 11, 2021

Choosing the right credit card can be difficult, especially if you have poor credit (FICO scores of 629 or lower) or are new to credit cards entirely. Plenty of cards can help those with limited choices, but some options — including certain unsecured credit cards for bad credit — are more costly and potentially more.

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Sawin & Shea

APRIL 17, 2024

While Chapter 13 is effective for debt relief, many worry about how this filing method may negatively affect their credit scores. Some even have the misconception that their bankruptcy filing will eliminate their credit entirely. This is especially the case if you’re behind on your credit payments.

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Debt Free Colorado

APRIL 30, 2024

Finding Solutions to Discharge Your Credit Card Debt Many find themselves struggling if they should file for bankruptcy because of their credit cards. Fortunately, bankruptcy can offer a path toward financial relief from credit card debt. After filing for bankruptcy, credit card companies will likely cancel your cards.

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Sawin & Shea

MARCH 9, 2022

Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts.

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Roths Child Law

AUGUST 14, 2023

College students are often also targets of credit card companies, which can lead to all kinds of debts. Many students use their credit cards to buy books, supplies, coffee, alcohol, clothes, rent and food. What is the best way to pay off all of your credit card debt after college? One common solution to debt is bankruptcy.

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Roths Child Law

JULY 17, 2023

However, the primary purpose of an individual’s bankruptcy process is usually the discharge of someone's eligible unsecured debts. An individual will no longer need to pay the remaining balance on their eligible credit cards, medical debts and similar unsecured financial responsibilities after the court grants their discharge.

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Sawin & Shea

JANUARY 18, 2023

Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts. What is Chapter 7 Bankruptcy?

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Nerd Wallet

OCTOBER 3, 2022

Personal loans provide fast, unsecured funds that can pay for anything from home repairs to medical emergencies. Instead of requiring collateral like a house or car, many lenders prefer applicants with strong credit and high incomes. But what if you don’t meet a lender’s requirements? Annie Millerbernd writes for NerdWallet.

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Credit Corp

DECEMBER 21, 2020

Whenever you apply for anything—a loan, credit card, etc.—the the lender will need to look into your credit report. Called a credit check, there are two kinds of credit checks—hard and soft. Each is used for different reasons and has a different impact on your credit score. What Is a Soft Credit Check?

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Sawin & Shea

MAY 5, 2021

Filing for Chapter 7 or Chapter 13 Bankruptcy: Chapter 7 will wipe out (discharge) your medical debt along with other unsecured debt, but you must have low enough income to pass the means test in order to qualify for it. These are categorized as priority unsecured debts. #7. Ten facts About Chapter 13 Bankruptcy and Medical Bills: #1.

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Credit Corp

JANUARY 24, 2024

You can get a personal loan from banks, credit unions, or online lenders. Debt Consolidation Isn’t for Everyone With increasing amounts of credit card debt, personal loans are becoming increasingly popular. Your credit score isn’t good enough for an acceptable interest rate.

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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. Bankruptcy Code requires debtors to complete credit counseling courses 180 days before filing.

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Debt Free Colorado

JANUARY 20, 2024

This results in quick resolution and potential credit score improvement. The process is longer and it can impact credit. Individuals can work to rebuild credit over time. You can also seek guidance from credit counseling agencies, medical billing advocates, and government assistance. That includes medical bills.

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Sawin & Shea

NOVEMBER 1, 2023

In fact, medical debt is one of the most common types of debt reported on consumer credit reports. According to the Consumer Financial Protection Bureau, consumer credit reports show $88 billion in medical debt as of June 2021. Many Chapter 13 Debtors pay pennies on the dollar back to their unsecured creditors.

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Nerd Wallet

OCTOBER 13, 2021

Personal loans accounted for $148 billion in consumer debt in the fourth quarter of 2020, a decline from the same period in 2019, according to credit bureau TransUnion. Personal loans are usually unsecured, meaning they don’t require collateral like a house or a car, and you can use them for almost anything. Lenders rely on.

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Troutman Sanders

JANUARY 29, 2024

She listed 45 unsecured creditors in her schedules of assets and liabilities, including the $7,400 credit card debt at issue. Five months after the debtor received her discharge, Metris Companies assigned the credit card debt to Florida Credit Research, which sued the debtor in state court and received a judgment in its favor.

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Roths Child Law

MARCH 2, 2023

An adult's credit score can influence many aspects of their life. Bankruptcy can be an effective solution for those who are struggling with debt, but it will limit their credit options and drag down their credit score temporarily. Yet, this credit-related “hit” certainly doesn’t last forever.

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Credit Corp

JUNE 12, 2023

A personal loan is money borrowed from a bank, credit union, or other financial institution that can be used for virtually any personal expense. Federal student loans typically come with lower interest rates, plus most don’t require a credit check. What Is a Personal Loan? However, they’re typically used for different purposes.

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Sawin & Shea

JANUARY 4, 2024

Chapter 13 bankruptcy involves entering into a reorganization plan to protect assets, catch up on arrears on houses or cars, and force unsecured creditors to take reduced amounts based on what the bankruptcy law requires that you pay them. Potentially eligible types of debt include unsecured debts, non-priority debts, and dischargeable debts.

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Sawin & Shea

JUNE 16, 2021

Many people assume that because they have filed bankruptcy, their credit is ruined, and they will not be able to qualify for any loans. There are a number of steps you can take to improve your credit score and to make it likely that you can be approved for a loan. Con: Chapter 7 bankruptcy stays on your credit report for 10 years.

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Sawin & Shea

JANUARY 25, 2022

Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is Unsecured Debt? Unsecured debt, unlike secured debt, is not tied to any collateral or property. With unsecured debt, there is no lien or security interest agreed upon. Examples of Unsecured Debts. What is Secured Debt?

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Sawin & Shea

AUGUST 9, 2023

Credit card debt is a huge reason people end up filing for bankruptcy. But can you file for bankruptcy on credit cards only ? Can I Declare Bankruptcy for Credit Card Debt? When you file for bankruptcy whether Chapter 7 or 13, you are required to list all debt, both secured and unsecured. Has my credit score gone down?

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Roths Child Law

DECEMBER 5, 2022

Chapter 7 bankruptcy discharges unsecured debts. Unsecured debts include things like: . credit cards. luxury purchases or cash advances on credit cards . A chapter 7 bankruptcy is one of the most common routes individuals take in discharging their debt. personal loans (excluding a mortgage and auto loan) . payday loans .

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Credit Corp

DECEMBER 13, 2023

Secured credit cards are designed to help individuals improve their credit history and score. However, these cards differ from traditional unsecured cards in a few ways, and it’s important to understand all the details before you apply for a secured card. What Is a Secured Credit Card? Instead, do your research.

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Sawin & Shea

OCTOBER 11, 2023

People file for bankruptcy for any number of reasons, from job loss, to unpaid medical bills , to sky-high credit card bills. In broad terms, bankruptcy law differentiates between consumer-related debt as well as secured vs. unsecured debt. If a debt is unsecured, no collateral is put up as a guarantee to pay.

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Sawin & Shea

OCTOBER 13, 2021

When filing under Chapter 13, you can strip liens on real property considered “wholly unsecured.” So what makes a lien unsecured? When you successfully strip a lien when filing for Chapter 13 bankruptcy, the lien undergoes the same treatment as other unsecured debts. It is not now available in Chapter 7 liquidation cases.

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Roths Child Law

DECEMBER 15, 2021

The court will divide debts into two categories – unsecured and secured. Unsecured debts are ones that don’t have any property or capital associated with them. Credit cards are one of the more common unsecured debts. How does the court divide debts? Medical bills also fall under this category.

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Credit Corp

APRIL 19, 2023

Many people with good credit scores own at least one credit card, with 82% of all credit card holders boasting credit scores of 680 and higher. When used responsibly, credit cards can be a great tool for building credit. Here’s a complete guide on how to build credit with a credit card.

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Roths Child Law

JANUARY 31, 2023

If you are seeking to discharge unsecured debts like medical debts, credit card debts and unsecured loans, then you need to file for Chapter 7 bankruptcy. Filing the wrong chapter Personal bankruptcies fall into two categories - Chapter 7 and Chapter 13 bankruptcies.

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Nerd Wallet

JUNE 22, 2021

A signature loan is a fixed-rate, unsecured personal loan offered by an online lender, bank or credit union. It’s called a signature loan because it’s secured by your signature instead of collateral, like a car or an investment account. Getting approved for a signature loan will likely depend on your creditworthiness. The best way to.

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Credit Corp

SEPTEMBER 7, 2021

A good credit score will make your life a lot easier; it will help you qualify for loans, apartments and even jobs. But you’re not born with a credit history. In fact, according to Nationwide , credit scores help insurance companies predict future losses. So, how can you start your credit-building journey ?

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