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?

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Sawin & Shea

AUGUST 30, 2023

You are not allowed to have more than $465,275 of unsecured debt (such as credit card or medical debt) or more than $1,395,875 of secured debt (such as a house, property, or vehicle). Under Chapter 13 Bankruptcy, you have time and a plan in which to repay your debts. Most federal student loans.

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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?

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Sawin & Shea

APRIL 12, 2023

However, there are other ways to pay back family and friends that the courts allow and won’t negatively impact the family member or friend who has loaned you money. In most cases, Chapter 7 rules protect assets that are classified as exempt at the time you file versus unsecured debt which is not protected. Who Is an Insider?

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Sawin & Shea

JANUARY 12, 2022

A Chapter 13 Plan can help get you back on track with secured debts that you are behind on, like house or car payments. It can also force unsecured creditors to take what the bankrutpcy law says you can afford to pay, many times cents on the dollar. Student Loans. Student loans can be particularly challenging.

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Sawin & Shea

JUNE 14, 2023

Declaring Bankruptcy Before a Divorce If you’re on good terms with your spouse and are struggling with unsecured debts, you may want to consider filing Chapter 7 bankruptcy before your divorce. This can also simplify the divorce process because you won’t have to divide your unsecured debts when going through dissolution proceedings.

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Debt Guru

JANUARY 27, 2021

A debt management plan (DMP) is an agreement between a debtor (that’s you, the person in debt) and a creditor (think: your bank or your credit card company) that tackles your outstanding debt. What types of debts can I lump together in a DMP? Secured debts, like your mortgage or car payments, aren’t covered.

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Sawin & Shea

APRIL 10, 2024

Chapter 7 bankruptcy is a great financial solution for those struggling with debt, especially unsecured debts. With Chapter 7 bankruptcy, you as the debtor can discharge most unsecured obligations after liquidating nonexempt assets.

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Credit Corp

MAY 3, 2023

Usually during a Chapter 13 you only pay off part of your debts. Priority and secured debts, such as taxes or auto loans, are paid in full. But unsecured, nonpriority debts, such as medical bills and credit card debt, are only partially paid. The Trustee’s office then pays various creditors.

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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. It’s a relatively straightforward technique to eliminate the majority of your debt. . Chapter 7 is a disaster when it comes to secured debt. .

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Titan Consulting

SEPTEMBER 2, 2020

Debt consolidation might include a debt management repayment plan, credit card balance transfer, personal loan, or equity line of credit. The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment.

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Debt Guru

JULY 19, 2020

You can consolidate all different types of debt – and the result is a simplified repayment process that involves a single payment each month. It works by getting one new loan and using that to pay off multiple existing creditors. Debt consolidation can be a great tool to get out of debt faster – but only when it’s used correctly.

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Better Credit Blog

FEBRUARY 11, 2022

One of the most reputable is National Debt Relief, which has helped 100,000 families and individuals pay off their arrears in full. It’s resolved more than $1 billion in unsecured debt since it first launched in 2009. Decide whether the company’s services are right for you with this review of National Debt Relief.

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