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. 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.
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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Debt Free Colorado
MARCH 3, 2023
This type of bankruptcy does not stop secured creditors from seizing your property, so if you have money to pay the debt, this isn’t the best option to take. This type of bankruptcy enables the debtor to combine their debts, reach an agreement on a lower overall number and submit to a three-to-five-year plan for debt repayment.
Collection Industry News
DECEMBER 21, 2020
Pre-COVID-19, consumers were required to appear in person for section 341 meetings where they were examined under oath by bankruptcy trustees and creditors. Under the CBRA, consumer debtors will still be examined at 341 meetings, but those meetings can be conducted remotely. Debtors’ Attorneys Paid over Time.
Debt RR
DECEMBER 13, 2019
Businesses restructuring debt typically do so because they’re having trouble meeting obligations, and it goes both ways. Many businesses are both debtors and creditors. That’s why it behooves everyone to understand debt restructuring. Past-Due Secured Debt. Secured Creditors. Noteholders.
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