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Secured vs Unsecured Debt: Everything You Need to Know

Sawin & Shea

One of the benefits of declaring bankruptcy is that debt collectors cannot try to collect on debts that were discharged in bankruptcy. Secured Debt Secured debt would include things like: House mortgages Car/vehicle loans Some taxes Loans for furniture/appliances/large electronics Which type of debt is most often secured?

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How Much Debt is Needed to File for Bankruptcy?

Sawin & Shea

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.

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Can You Reaffirm a Debt in Chapter 13?

Sawin & Shea

In this blog, you’ll learn about whether you can reaffirm your debt in Ch. Have additional questions regarding bankruptcy or reaffirming secured debts? Entering a reaffirmation agreement is a way that debtors in a Chapter 7 bankruptcy keep collateral attached to secured debt like houses or cars.

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Moving Up: Bankruptcy Code Dollar Amounts Will Increase On April 1, 2022

In the Red

For example, the debt limit for an individual to qualify for a Chapter 13 bankruptcy case will rise to $1,395,875 of secured debt, and certain exemption amounts will also increase. Other adjustments will affect consumers more than business debtors. Given recent inflation, these increases are larger than usual.

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What is the Difference Between Secured and Unsecured Debt?

Sawin & Shea

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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2 types of debt that are included in bankruptcy

Roths Child Law

Credit cards are one of the more common unsecured debts. Secured debts are ones that have an asset attached to them. Car loans and mortgages are types of secured debts. Medical bills also fall under this category.

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Connecticut Banking Statutes Amendments Take Effect October 1

Troutman Sanders

The final law applies a “capital and surplus” calculation to certain investment decision making of Connecticut banks ( i.e. , liabilities of borrowers, debt and equity securities, debt and equity mutual funds, social purpose investments, savings banks life insurance, mortgage lending, and real estate for the banks’ business).

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