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?

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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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Hudson Weir

JANUARY 26, 2024

Meanwhile, while CVAs may only be used to restructure debt owed to unsecured creditors, a restructuring plan may be used to restructure debt owed to both unsecured and secured creditors. We have also written previously about the difference between a CVA and CVL – a Creditors’ Voluntary Liquidation.

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PBWT

FEBRUARY 7, 2021

The plan proposed to pay unsecured creditors $300,000 over five years and to make regular mortgage payments to the secured creditors. The plan classified the Harris County claim as an impaired secured claim that would be paid in full in five years, contingent on the County's agreement.

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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.

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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?

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BN Lawyers

MARCH 23, 2020

For an unsecured creditor to obtain a recovery, it would need to engage in a months-long legal process to obtain a judgment that could be halted at any point by a chapter 11 bankruptcy reorganization. Drawing on secured credit facilities is less of a winning proposition.

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