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. It matters because not all debts are equal in the eyes of the law. Secured vs Unsecured Debt: What’s the Difference?
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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PBWT
FEBRUARY 7, 2021
Debtor Fred Jay Bressler, M.D. Two mortgage companies held more than $800,000 in secured claims, and 33 creditors had unsecured claims totaling about $1.1 The plan proposed to pay unsecured creditors $300,000 over five years and to make regular mortgage payments to the secured creditors.
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.
Collection Industry News
SEPTEMBER 29, 2020
The Bankruptcy Court retains discretion to extend these deadlines for “circumstances for which the debtor should not justly be held accountable.”. Similarly, debtors must file financial reports required by Section 1116(1) on the petition date, periodic performance reports required by Section 308, and their schedules and statements.
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. This is a good guide for distressed businesses to use when negotiating debt obligations.
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