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Why sudden job losses put people at risk of bankruptcy

Roths Child Law

Even making the minimum monthly payment on certain accounts could be prohibitive when people owe tens of thousands of dollars on credit card debt and have a multi-hundred-dollar car payment each month in addition to their mortgage and utility bills.

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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

Unsecured debts are not backed by collateral, such as car payments and home mortgages. Suppose you have enough money left over each month after necessary expenses and debt payments. Chapter 7 bankruptcy is a form of personal bankruptcy that liquidates filers’ assets to discharge qualifying unsecured debts.

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Dealing With Debt From COVID-19

Debt Free Colorado

So far the offers have been vague, the most likely concessions will be for your lenders on your home and cars to allow you to move a monthly payment to the end of the loan and for credit cards to temporarily reduce your interest rate. Car Payments. Car payments should be another high priority item. Triage your finances.

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COVID-19 Collections Impact Bulletin: State Responses (December 2020 Update)

Burr Forman

The new bill issued a moratorium on evictions, foreclosures, and repossessions, which expired on June 30, 2020. On April 23, 2020, Governor Gavin Newsom issued Executive Order N-57-20 exempting stimulus payments and other COVID-19-related government financial assistance from attachment, levy, execution, or garnishment.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

If you are struggling with debt and are behind on payments, it’s important to understand what kind of debt you have and how it will be handled should you miss too many payments. 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.

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Bankruptcy Chapter 7 vs 13: Which Is The Best Option?

Debt Free Colorado

Your budget determines your monthly payment. Complete protection from creditors – This includes wage garnishment and debt collection. Protection for co-signers: If the payment plan is for the total amount of the obligation, your co-signers are protected from creditors. and the majority of court judgments. medical debt .

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DEBT COLLECTION INDUSTRY DEEMS ITSELF ESSENTIAL TO “FINANCIAL HEALTH” OF CONSUMERS, FIGHTS COVID-19 SHUTDOWN

Collection Industry News

Sherrod Brown, D-Ohio, has sponsored legislation that prevents debt collectors from engaging in a variety of practices, such as disconnecting utility services or garnishing wages, until 120 days after a major disaster or emergency such as the current coronavirus crisis. Consumers should be able to stop automatic payments.