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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Unsecured Debt Collateral Secured debt Bankruptcy 52

Debt Free Colorado

MARCH 3, 2023

Since the effects are severe and long-lasting, bankruptcy is typically seen as the last option for managing debt. For ten years after filing for bankruptcy, lenders will be more reluctant to extend credit, and it may even be challenging to get employment. What Debts are Discharged in Bankruptcy?

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Sawin & Shea

AUGUST 24, 2022

Although sometimes borrowers can receive a forbearance or work out a repayment plan with their lenders, many are unable to reach this agreement, meaning they’re at risk of losing their homes. The reason why this option is appealing is that it combines both unsecured and secured debts, such as a home loan, into a single repayment plan.

Chapter 13 bankruptcy 105

Chapter 13 bankruptcy Foreclosure Chapter 7 bankruptcy Bankruptcy 105

Debt Free Colorado

DECEMBER 9, 2021

If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . Chapter 7 will not assist you if your primary source of debt is a mortgage, auto loan, or other kinds of debt.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75