Sawin & Shea

NOVEMBER 15, 2023

In the case of a Chapter 7 bankruptcy , the court appoints a trustee who is in charge of selling off (liquidating) a debtor’s non-exempt assets. Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process. If a debt is unsecured, no collateral is put up as a guarantee to pay.

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Sawin & Shea

MARCH 13, 2024

Have additional questions regarding bankruptcy or reaffirming secured debts? A reaffirmation agreement is a document that re-obligates a debtor to repay a particular debt, such as a car loan, mortgage, or other loan type. There is a Chapter 13 Plan that controls how various debts are treated.

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Sawin & Shea

AUGUST 23, 2023

Chapter 7 is also known as the “liquidation bankruptcy” because it allows individuals to liquidate all non-exempt assets to help pay off their debt. Most Debtors, however keep everything they have. Unlike Chapter 7 bankruptcy, Chapter 13 allows debtors to create a repayment plan over three to five years.

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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. In this blog, we discuss what assets and property a debtor may lose in Chapter 7 bankruptcy.

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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. What is Unsecured Debt?

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UK debt collections

APRIL 28, 2021

People who are in debt from credit cards, loans and other personal debt sources could be given ‘breathing space’ under new temporary measures the government has announced. During the current pandemic, debt charity Stepchange has warned of a impending “personal debt tsunami” of £6Bn.

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Student loans Student Loans Personal loans Loans 59

Qualco

APRIL 15, 2024

A CHANGING CREDIT LANDSCAPE Over the past five years, there has been a significant increase in the usage of unsecured credit products, such as personal loans and credit cards, particularly following COVID- 19 and the rising cost of living.

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