Creditors Garnishment Repossession Secured debt 
Sawin & Shea
DECEMBER 21, 2023
It stops: Debt collection efforts Foreclosures Wage garnishments Civil lawsuits Utility shutoffs Most other creditor actions to collect pre-bankruptcy debts The stay helps facilitate the goals of bankruptcy by preventing creditor collection efforts and allowing time for orderly debt restructuring or liquidation.
Sawin & Shea
NOVEMBER 15, 2023
If a debtor has assets that are not protected under those statutes, the trustee can liquidate those items and use the proceeds to pay creditors back something. Chapter 13 involves commitment from the declarer to repay a portion of their debt over a specified period (usually three to five years).
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Sawin & Shea
OCTOBER 26, 2022
In order to plan out your financial future, you need to understand the difference between secured and unsecured loans. If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. In addition to unsecured personal loans, there are other types of unsecured debts, such as: Medical bills. Payday loans.
Roths Child Law
JANUARY 31, 2023
If you are struggling to pay your debts, you have a number of options at your disposal. You can approach your creditors for a waiver or negotiate a repayment plan that will work for you. However, if you are dealing with secured debts like a mortgage or a car loan, then you need to file Chapter for 13 bankruptcy.
Sawin & Shea
JANUARY 25, 2022
What is Secured Debt? Secured debts are a type of debt backed by an asset that is used as collateral. If you miss payments and default on this type of debt, the creditor can seize the asset to liquidate it and apply those proceeds to the money you owe. Examples of Secured Debts.
Sawin & Shea
JANUARY 11, 2024
Staring down mountains of debt can feel overwhelming. Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. Bankruptcy filings for both individuals and businesses are on the rise. There are some key differences between these two types of bankruptcy.
Sawin & Shea
MARCH 7, 2023
When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.
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