Sawin & Shea

NOVEMBER 15, 2023

Unsecured debt would include things like: Medical bills Credit card bills Utility bills Back rent Personal loans At the end of the bankruptcy process, the remaining balances for these types of unsecured debts will likely be forgiven. The two most common examples of secured debt are mortgages and auto loans.

Unsecured Debt 52

Unsecured Debt Chapter 7 bankruptcy Collateral Bankruptcy 52

Debt Free Colorado

APRIL 9, 2020

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. There are more tools for dealing with your mortgage than any other type of loan. Student Loans.

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Student loans Student Loans Chapter 13 bankruptcy Chapter 7 bankruptcy 82

Sawin & Shea

JUNE 7, 2023

Co-signers are beneficial for those seeking to obtain loans and credit cards. Obtaining Personal Loans with a Cosigner Having a co-signer on a personal loan or credit card means that you associate another individual with your debt. Additionally, having a co-signer may enable you to secure more favorable interest rates.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Personal loans 52

Roths Child Law

FEBRUARY 19, 2021

Furthermore, they are not able to garnish your wages, repossess property or foreclose on your home. Therefore, it's rarely a good idea to take a withdrawal from an IRA or a loan from your 401(k) to pay a past-due car note, mortgage payment or credit card bill. Are you capable of paying down your debts in a timely manner?

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Repossession Garnishment 52

Sawin & Shea

JANUARY 11, 2024

Medical bills, credit cards, payday loans, and struggling businesses – it can seem like the letters and calls from creditors will never stop. Staring down mountains of debt can feel overwhelming. Bankruptcy filings for both individuals and businesses are on the rise. There are some key differences between these two types of bankruptcy.

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Education Debtor Bankruptcy Chapter 13 bankruptcy 52

Burr Forman

DECEMBER 4, 2020

Financial institutions, servicers, lenders, and debt collectors must stay up-to-date on evolving federal and state laws stemming from the COVID-19 pandemic, as such laws impact all facets of consumer loan servicing and debt collection. In March of 2020, Burr published an article discussing the global pandemic’s impact on collection practices.

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Financial Institution Garnishment Collections Foreclosure 52

Sawin & Shea

JANUARY 25, 2022

For example, when you take out a home loan, you will be required to sign a mortgage which grants the lender a lien, or security interest against your home should you fall behind on payments. Common examples of secured debts include: Home loans Car loans Cash loans secured by other personal property Judicial Liens Tax Liens.

Unsecured Debt 52

Unsecured Debt Collateral Secured debt Bankruptcy 52

Sawin & Shea

MARCH 20, 2024

If you’re worried about garnishments, foreclosures , lawsuits, repossessions , or other consequences of your debt, connect with an experienced bankruptcy lawyer at Sawin & Shea as soon as possible. Do you have other debt, loans, discharged debts, or other amounts owed? You deserve a fresh start.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Lawyers 52

Sawin & Shea

MARCH 7, 2023

When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments.

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Chapter 7 bankruptcy Lawyers Bankruptcy Unsecured Debt 52

Collection Industry News

JULY 20, 2020

The Education Department is suspending collections on federal student loans and urging private collection agencies to stop pursuing borrowers. Debt collection activities, including legal proceedings, garnishments, repossessions, and debt selling, must be prohibited during the state of emergency.

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Garnishment Collections Debt collector Accounts Receivables Management 40

Sawin & Shea

MAY 26, 2021

This means each spouse is only responsible for their partner’s debt if they have voluntarily joined the debt, for example by co-signing on a loan. However, Indiana is a non-community property state, also known as a marital property state, common law property state, or equitable distribution state.

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Bankruptcy Chapter 13 bankruptcy Creditors Repossession 97

Sawin & Shea

JUNE 21, 2023

For example, if a person takes on additional loans or other forms of dischargeable debt right before filing, the court may suspect that the filer took on that debt in bad faith and never intended to pay it. That said, filers cannot discharge all of their debts through Chapter 13.

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Sawin & Shea

JUNE 14, 2023

The Chapter 7 bankruptcy process usually takes between three and six months and will eliminate eligible unsecured debts, such as personal loans, credit card debts, and medical debts.

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Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Debt Free Colorado

MARCH 3, 2023

For instance, it may permit the restructuring of debts due to “secured” creditors, or creditors who have an interest in assets like a mortgage or a car loan, but it typically won’t abolish those debts. What Can’t Bankruptcy Do? Not all financial issues can be resolved through bankruptcy.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Sawin & Shea

JANUARY 24, 2024

The Pros Bankruptcy can stop foreclosures , repossessions, lawsuits, wage garnishment, utility shut-offs, and debt collection activities through its automatic stay provision. Any debts not discharged, like student loans, remain. Poor credit scores disqualify many people from the best rates on consolidation loans.

Debt Consolidation 52

Debt Consolidation Bankruptcy Chapter 13 bankruptcy Collateral 52

Debt Free Colorado

DECEMBER 9, 2021

Unlike Chapter 7, Chapter 13 bankruptcy enables you to decrease the interest rate on your vehicle loan and, in certain situations, the total amount owed. Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt. Your budget determines your monthly payment.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

Troutman Sanders

JULY 27, 2023

The Bureau last did this in 2016 by announcing in Supervisory Highlights that auto finance companies should prohibit repossession agents from charging personal property storage and retrieval fees, and the Bureau followed that announcement with both supervisory activity and a consent order in 2020 on the same subject.

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