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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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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? Here at Sawin & Shea, we have numerous years of experience practicing bankruptcy law and can answer your questions. 13, the differences between Ch.

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Reshaping Debt Collections with the QCR Accelerator

Qualco

As financial hardships mount, debtors often prioritise the payment of secured debts like auto loans and mortgages over unsecured debts, leading to more incidents of unpaid loans. This wealth of experience has been applied to develop this powerful solution, ensuring it meets lenders’ complex demands.

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How to Survive the Holidays During Bankruptcy

Sawin & Shea

With Chapter 7 bankruptcy , you reaffirm your secured debts while discharging unsecured debts. Secured debts refer to debts with collateral, such as a home or car. We have years of experience helping Indiana residents become debt free.

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Chapter 13 and Gambling Debt

Sawin & Shea

This is different from Chapter 7 bankruptcy which liquidates assets to pay back debts but does not involve a structured repayment plan. A major benefit of Chapter 13 bankruptcy is that it allows the filer to catch up on missed mortgage, car loan, and other secured debt payments by incorporating them into the repayment plan.

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Automatic Stay Timeline

Sawin & Shea

Within 30 days of filing bankruptcy, a debtor must file a Statement of Intent regarding secured property. This states whether the debtor will surrender, redeem, or reaffirm secured debts. The bankruptcy attorneys at Sawin & Shea, LLC have years of experience working with cases just like yours.

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Does Filing for Bankruptcy Eliminate Debt?

Sawin & Shea

With Chapter 7 bankruptcy, you’ll be able to eliminate most unsecured debts, which includes: Credit card debt Medical debt Personal loans Payday loans Utility bills It’s important to keep in mind, though, that Chapter 7 will not eliminate all kinds of debt.