Garnishment Secured Creditor Student Loans 
Sawin & Shea
JANUARY 25, 2022
However, if you file for bankruptcy, it can put a pause on debt collection, including actions by secured creditors. In a Chapter 7 you will be given a choice to either allow secured creditors to seize your collateral or continue to make payments until the debt is paid off. Examples of Unsecured Debts.
Debt Free Colorado
MARCH 3, 2023
The main disadvantage of Chapter 7 bankruptcy is that anything subject to a security interest is not exempt (home, automobile) and can be seized to satisfy the debt connected to the specific item. Chapter 13 bankruptcy Individuals who get a regular wage but are unable to pay off the bills are eligible for Chapter 13 bankruptcy.
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