Debtor Personal loans Secured debt Unsecured Debt 
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. Laws called exemption statutes determine what a person or married couple can keep through the Chapter 7 process.
Sawin & Shea
JANUARY 25, 2022
While bankruptcy itself can also be scary, it is often the best option if you have too much debt to get a handle on your financial situation. 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.
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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. Where Do I Go From Here?
Debt Free Colorado
DECEMBER 9, 2021
Chapter 7 bankruptcy is appropriate for unsecured debtors. 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. . The means test decides who can seek debt relief.
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.
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.
Sawin & Shea
MARCH 7, 2023
When you file a Chapter 7 bankruptcy, it is only your unsecured debts that will be eligible for discharge. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. Most debtors cannot keep their credit cards when they file for Chapter 7.
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