Sawin & Shea

OCTOBER 26, 2022

Unlike unsecured personal loans, secured loans involve some form of collateral that the lender can repossess if the borrower fails to make payments. The most common types of secured personal loans are vehicle loans and home mortgages. You can also surrender the loan’s collateral in order to discharge the debt.

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Sawin & Shea

MAY 5, 2021

Negotiating: A hospital or doctor’s office may be willing to allow you to make payments without interest. Working with the billing department: Ask for a lowered bill — hospitals will sometimes lower bill amounts when you ask for an itemized bill and show a willingness to pay what you can afford on a payment plan.

Chapter 13 bankruptcy 98

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Sawin & Shea

AUGUST 30, 2023

This will immediately stop your creditors from being able to contact you to demand payment. 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). Alimony payments.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Debt Free Colorado

DECEMBER 9, 2021

Your budget determines your monthly payment. If you have a large amount of credit card debt or high medical costs that you can’t pay, Chapter 7 may allow you to start again. Chapter 7 is a disaster when it comes to secured debt. . Additionally, not all unsecured debt is dischargeable under Chapter 7.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 75

UK debt collections

APRIL 28, 2021

It is said that over 1.2million people have fallen behind on their monthly bills along with 590,000 on their rent payments. Households that are entered onto the respite scheme will see their debts frozen with no interest to be added. As part of the deal, they must mediate with the creditors to get their payments back on track.

Student loans 59

Student loans Student Loans Personal loans Loans 59

Sawin & Shea

FEBRUARY 21, 2024

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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Sawin & Shea

AUGUST 23, 2023

Chapter 13 bankruptcy is different in that it serves as a way for individuals to reorganize their debt and create a plan to pay into a plan under the court’s protection over the course of 3-5 years. With Chapter 13, your debt would be restructured and you would make a monthly payment to a bankruptcy trustee.

Bankruptcy 52

Bankruptcy Chapter 7 bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Sawin & Shea

APRIL 12, 2023

Unsecured debt includes things like credit card debt, medical debt, and personal loans. Chapter 13 takes into account your financial situation before filing for bankruptcy, too, but mainly focuses on developing a payment plan to address secured debt (which includes things like your house or car).

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Qualco

APRIL 15, 2024

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 allows for personalised communication and strategies, improving relevance and effectiveness.

Collections 74

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Sawin & Shea

JANUARY 4, 2024

Over three to five years, you resolve your debts and get a fresh financial start. It may be impossible for you to continue making your payments on time. The trustee and judge will look at whether you’ve met the three criteria listed above and determine whether your debt itself is fully eligible for this type of discharge.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Chapter 7 bankruptcy Unsecured Debt 52

Sawin & Shea

AUGUST 9, 2023

Briefly, unsecured debts are not backed by any collateral and include things like credit card balances and unpaid medical bills. However, secured debt means the borrower has put up collateral (e.g. Asking yourself some questions may help bring clarity: How far behind am I on payments? What is my total credit card debt?

Bankruptcy 52

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Taurus Collect

FEBRUARY 24, 2023

If your business is struggling to collect payment on outstanding debt, you may be considering working with a collections agency. Understanding this code of conduct is vital before entering into any agreements or negotiations with debt collectors.

Collection Agencies 52

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Titan Consulting

SEPTEMBER 2, 2020

The main strategy in any debt consolidation strategy involves replacing one debt with another debt, usually with a lower interest rate or monthly payment. Debt consolidation may not save you much money. Another month begins, and your debt balances are going nowhere. Let’s take a look at the options.

Debt Consolidation 60

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Troutman Sanders

JULY 13, 2023

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).

Banks 52

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Sawin & Shea

OCTOBER 27, 2021

Out of the reported debt statistics, 35% of all debts in collections were medical, which surpassed other forms of debt. 25% of debts in collections were credit card related, and 20% were student loan debts. What Should I Do If I Have Medical Debts? Some medical providers may set up a payment plan for you.

Chapter 13 bankruptcy 98

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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.

Chapter 7 bankruptcy 52

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Debt Guru

JULY 19, 2020

You can consolidate all different types of debt – and the result is a simplified repayment process that involves a single payment each month. You pay off multiple types of loans and credit card balances with your new consolidation loan, and you’re left with a single monthly payment to the new lender. Don’t close old accounts.

Debt Consolidation 104

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Sawin & Shea

JULY 15, 2020

When your Chapter 13 plan goes into effect, you are obligated to start making payments to a person called the Chapter 13 Trustee. You begin making your scheduled payments 30 days of filing. Your payments can be made through payroll deduction. What Am I Obligated to Pay in My Chapter 13 Plan?

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Titan Consulting

AUGUST 23, 2020

Chapter 13 is a debt reorganization that requires you to repay debts within three to five years. The court trustee creates a repayment plan approved by creditors and oversees the debt repayment. Filers can typically retain the home and vehicle as long as you make payments on the loan. Take advantage of payment waivers.

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Chapter 13 bankruptcy Chapter 7 bankruptcy Bankruptcy Unsecured Debt 86

Debt Guru

JANUARY 27, 2021

In a nutshell, a DMP groups your outstanding unsecured debts (like your credit cards and medical bills) into one payment and creates an affordable four- to six-year repayment plan. A debt manager will work with your creditors on your behalf to reduce your interest rates, waive or reduce any penalties, and lower your monthly payment.

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Better Credit Blog

FEBRUARY 11, 2022

While waiting for money to build up in your secure trust, the debt settlement firm won’t send any to your lenders. This triggers late payments, which are recorded by the three major credit bureaus—Experian, TransUnion, and Equifax—and stay on your credit report for seven years. Who National Debt Relief Is Best For.

Debt settlement 72

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Sawin & Shea

JANUARY 11, 2024

Some of the things your attorney can do on your behalf include: Ensure correct filing Protect your assets Deal with creditors Develop optimal payment plans The bottom line is that working with a knowledgeable attorney will help minimize your stress while giving your case the best chance at providing meaningful financial relief.

Education 52

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Credit Corp

MAY 3, 2023

You may also be able to keep your home, a car, and other items, even if you owe money on them, if you can continue to make timely payments on those debts. The Trustee is also typically tasked with making payments under the plan, so the individual pays the Trustee. Usually during a Chapter 13 you only pay off part of your debts.

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Collections Law

JULY 1, 2020

Instead, they will help you collect on the debt by filing a lawsuit against the debtor, seeking and obtaining attachments on the debtor’s assets, and even garnishing their wages post-judgment so that you can get paid for your judgment debt. Cohen LLC focuses on debt collection in Massachusetts. The Law Offices of Alan M.

Mechanic’s Liens 52

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Collection Industry News

DECEMBER 21, 2020

Under the current Bankruptcy Code, consumers’ bankruptcy cases may be converted to a different chapter or dismissed as “abusive” if consumers choose to spend their money on certain “luxury” expenses, such as private school tuition, expensive vehicles payments, and support payments for adult children.

Bankruptcy 40

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Sawin & Shea

OCTOBER 27, 2021

Out of the reported debt statistics, 35% of all debts in collections were medical, which surpassed other forms of debt. 25% of debts in collections were credit card related, and 20% were student loan debts. What Should I Do If I Have Medical Debts? Some medical providers may set up a payment plan for you.

Chapter 13 bankruptcy 52

Chapter 13 bankruptcy Bankruptcy Unsecured Debt Lawyers 52

Debt RR

DECEMBER 13, 2019

Refinancing typically lowers monthly payments and interest rates in exchange for lengthening the timeframe of the loan. Some creditors will accept equity and/or other concessions in exchange for debt forgiveness. A company with large debt payments may still have cash flow coming into the business. Past-Due Secured Debt.

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Sawin & Shea

MAY 24, 2023

Example income includes things like: Salaried, hourly, and overtime income Spousal income (in a joint household or if not legally separated) 1099 independent contractor income Indiana government income Child support and alimony Net business income Unemployment or workers’ compensation benefits Expenses can include things like: Income taxes Child care (..)

Chapter 7 bankruptcy 52

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Sawin & Shea

JUNE 14, 2023

If you depend on your former spouse’s income, you may struggle to make ends meet once you rely solely on your money as well as any alimony or child support payments. If you still don’t pass the Chapter 7 means test or if you’re behind on repaying your secured debts, such as a home mortgage or car lease, Chapter 13 may be your best option.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Chapter 13 bankruptcy Unsecured Debt 52

Sawin & Shea

JANUARY 12, 2022

A Chapter 13 Plan can help get you back on track with secured debts that you are behind on, like house or car payments. After the repayment period, any remaining debt will likely get discharged. The more common types of debts that many debtors hold that cannot be eliminated include: Child Support and Alimony.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Chapter 7 bankruptcy Student loans 52

Collection Industry News

MAY 24, 2023

Some key features to consider include automated workflows, customizable templates and documents, compliance management tools, integrated payment processing, reporting and analytics, and multi-channel communication capabilities. Ensure that the software aligns with your business processes and enhances efficiency and productivity.

Collections 40

Collections Fair Debt Collection Secured debt 40

Debt Free Colorado

DECEMBER 30, 2023

The focus is on the debtor’s ability to make payments according to the repayment plan rather than on liquidating assets. In short, your 401(k) plan is generally shielded from liquidation up to the allowable exemption limit. Chapter 13 In Chapter 13 bankruptcy, your 401(k) plan is generally considered a protected asset in Colorado.

Chapter 13 bankruptcy 52

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Debt Free Colorado

MARCH 3, 2023

A case may be changed from a Chapter 13 filing to a Chapter 7 liquidation if the debtor doesn’t make payments on time. Chapter 13’s main advantage is that it stops creditors from bothering you and allows you to keep property subject to a security interest, provided you continue to make payments in the repayment plan.

Bankruptcy 52

Bankruptcy Chapter 13 bankruptcy Credit Counselor Chapter 7 bankruptcy 52

Debt Free Colorado

JANUARY 10, 2022

Secured debts can be discharged. You’ll have more time to earn more money and improve your spending habits if you’re behind on your payments. You can lower your debts. You may erase defaults and late payments from your credit report. As long as you make payments, you may retain your property.

Chapter 13 bankruptcy 59

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Sawin & Shea

APRIL 10, 2024

Reaffirming Debts in Chapter 7 Bankruptcy Chapter 7 bankruptcy allows you to discharge your unsecured accounts, but you cannot do away with a creditor’s a security interest, meaning a debt with collateral must either get paid or the collateral property surrendered. That way, you create a payment plan based on your income.

Chapter 7 bankruptcy 52

Chapter 7 bankruptcy Bankruptcy Debtor Unsecured Creditor 52

Debt RR

JANUARY 24, 2020

Secured debt: If a business receives a loan or other credit — like a credit card — because of specific assets or liquid collateral, they have secured debt. Though more uncommon than equipment leases and unsecured debt, some businesses are able to acquire secured credit options.

Unsecured Debt 41

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The Creditors Rights

MAY 24, 2016

The debtor’s plan, however, provided that the bank would not be entitled to any default interest on its claim, and treated the claim by modifying its terms and providing for payment amortized over 30 years. The plan further provided that any pre-effective date defaults would be deemed to have been cured.

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Bankruptcy Debtor Creditors Collateral 40