Sawin & Shea
MARCH 9, 2022
Firstly, you need to understand the difference between unsecured and secured debts. Unsecured debts refer to debts that don’t have collateral. Some examples of unsecured debts include, but are not limited to, repossessions deficiencies, old lease balances, medical bills, cash advance loans, and credit card debts.
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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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.
Sawin & Shea
MARCH 7, 2023
Chapter 7 bankruptcy, also known as liquidation or straight bankruptcy, can help those having financial difficulties clear away various types of debts. When you file for Chapter 7 bankruptcy, the Court will place an automatic stay upon filing, which stops creditors from collecting payments, garnishing wages, or repossessing property.
Titan Consulting
AUGUST 23, 2020
In many cases, you will lose secured assets such as your home and vehicles. Bankruptcy does not generally discharge debts associated with child support, alimony, tax obligations, or student loan debt. Federally managed student loans received an automatic six-month payment waiver.
Debt Free Colorado
JANUARY 10, 2022
Bankruptcy wipes out all debts and gives you a fresh start. Only student loans, taxes, and past-due child support are non-dischargeable. . After filing for bankruptcy, most people may apply for credit cards and auto loans. Most credit card require a security deposit to start an account.
Debt Free Colorado
MARCH 3, 2023
What Debts are Discharged in Bankruptcy? Unsecured debts , including credit card and medical bills, as well as some judgments or past taxes, may be discharged. Generally, secured debt (loans backed by collateral), student loans, child support or alimony, recent taxes, criminal fines, or personal injury judgments cannot be discharged.
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