Lender Loans Student Loans Unsecured Debt 
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.
Sawin & Shea
SEPTEMBER 14, 2022
Consumer debt refers to an individual, family, or household’s debts incurred through personal spending and expenses. If your debts have to do with personal or family spending rather than business expenses, penalties, and taxes, they are likely consumer debts. Are Student Loans Consumer or Non-Consumer Debts?
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Sawin & Shea
AUGUST 9, 2023
You aren’t allowed to pick and choose which debt you want the bankruptcy to apply to. Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. Creditors cannot reclaim any of your property if you default on a loan. What is my total credit card debt?
Sawin & Shea
APRIL 17, 2024
The court will then order a bankruptcy stay — also called an automatic stay — that prohibits creditors and lenders from collecting what you owe. You will not be able to discharge: Family and child support Most student loans Most local, state, and federal taxes How Does Filing Bankruptcy Impact Your Standing with Credit Bureaus?
Titan Consulting
AUGUST 23, 2020
Chapter 7 liquidates assets and discharges qualified debts. The process takes less than a year and can eliminate the balance on most unsecured debts. Filers can typically retain the home and vehicle as long as you make payments on the loan. Federally managed student loans received an automatic six-month payment waiver.
Sawin & Shea
MARCH 7, 2023
When you file a Chapter 7 bankruptcy, it is only your unsecured debts that will be eligible for discharge. This includes debts such as credit card balances, medical bills, personal loans, utility bills, back rent, mortgages, and car payments. Will I Lose My Property When I File Chapter 7 Bankruptcy?
Credit Corp
JUNE 1, 2021
Established credit history can impact everything from getting a future loan (such as a mortgage) to renting an apartment. Pay down debt. For most people, the way to do this is to get rid of unsecured debt that they carry month to month. Pay Student Loan Debt. Care for Your Credit Profile.
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