Sawin & Shea
NOVEMBER 15, 2023
Declaring bankruptcy will discharge most types of debt but not others. Before you declare bankruptcy, it’s crucial to understand how the law treats the concept of secured vs unsecured debt. It matters because not all debts are equal in the eyes of the law. Secured vs Unsecured Debt: What’s the Difference?
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.
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Debt RR
DECEMBER 13, 2019
These unsecured debts come in the form of payments for goods and services already received, royalties, commissions, or salaries. When a business starts skipping payments for these basic operational debts, it’s a major red flag that it’s in financial trouble. Secured Creditors. Unsecured Creditors.
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. What Debts are Discharged in Bankruptcy? What Can’t Bankruptcy Do? Not all financial issues can be resolved through bankruptcy.
BN Lawyers
MARCH 23, 2020
Secured lenders are the lenders with liens against the real estate, equipment, accounts, or other property of the business. These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. These creditors are not of equal importance.
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