Sentences with phrase «secured debt a bankruptcy»

Is renegotiating secured debt a bankruptcy alternative?

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Unfortunately, filing for bankruptcy leaves credit severely damaged for no less than seven years after the debts are discharged, making it difficult to secure new debt for a home, a vehicle, or a credit card in the future.

If your credit card debt is secured by a home, you can no longer discharge it via bankruptcy or Chapter 7 filing

* Cites «changes in market» for its ground beef products * Lists assets of $ 219 million, debt of $ 197 million * Has secured $ 56 million in DIP financing April 2 (Reuters)- Ground beef processor AFA Foods filed for bankruptcy protection on Monday and said it plans to sell some or all of its assets, citing the impact of media coverage related to a meat filler critics have dubbed «pink slime.»

On April 30, 2009, the automaker filed for Chapter 11 bankruptcy protection to be able to operate as a going concern, while renegotiating its debt structure and other obligations, [41] which resulted in the corporation defaulting on over $ 4 billion in secured debts.

You can show how you've made on - time payments on secured debt and even show how you've successfully saved money since your bankruptcy.

When you speak with a bankruptcy attorney, you will be asked how much secured debt you have and how much unsecured debt you have.

Your bankruptcy discharge will eliminate your personal liability on most secured debts, but liens on your property will remain.

In a Chapter 7 bankruptcy, you will be given the option to reaffirm certain secured debts.

At times, bankruptcy may be the best option to eliminate all of your debt including secured and unsecured debt.

They are part of the bankruptcy or consumer proposal and are included in your creditor list, as long as the CRA hasn't placed a lien against your property making it a secured debt.

When you first discuss your bankruptcy case with your attorney, be sure to learn which options for dealing with secured debts serve your best interests.

It's ideal for first time home buyers or if you've been turned down for a loan, mortgage or secured credit card due to bankruptcy, bad FICO credit score or a bad rating, or if you are being harassed by a debt collection agency or agencies.

Secured debts, such as car loans, need to be maintained after bankruptcy.

If you live in Ireland and are in need of a secured or unsecured personal loan or a debt consolidation loan but you find yourself with a past or present bankruptcy, a less than perfect credit rating or have a bad credit history due to unforeseen circumstances, you may find it difficult to find a lender that is willing to give you the financial capital that you presently need.

But if you convert them into secured debt and try to file for bankruptcy, your creditors can seize your house once you default on your payments.

If you choose to reaffirm your secured debts in bankruptcy, you can continue making your mortgage payments, giving you an additional source of on - time payment history data.

When you have lots of debts, bankruptcy may be a better solution, especially if some of your accounts are secured debts for assets that you want to keep.

If your financial difficulties ultimately lead to bankruptcy, you likely will not be able to discharge a secured debt without first giving up the asset associated with the debt.

After a debt collection, delinquency or bankruptcy, your best odds of approval will be for secured credit cards.

If you live in Canada and are in need of a secured or unsecured personal loan, a debt consolidation loan or need car financing but you find yourself with a past or present bankruptcy, a less than perfect credit rating or have a bad credit history due to unforeseen circumstances, you may find it difficult to find a lender that is willing to give you the financial capital that you presently need.

Bankruptcy can typically get rid of most of your unsecured debts, but secured debts will remain.

The alternative is bankruptcy, in which case the unsecured debts go unpaid and the secured debts (home or auto) have to be foreclosed or repossessed.

Some of the debts that bankruptcy filing does not cover are student loans, secured debts, income tax liabilities, and child support.

-LSB-...] 13 bankruptcy allows for the «cram down» of auto loans and other secured debts.

Bankruptcy can eliminate unsecured debt such as credit cards, but requires that secured debts be paid after filing if the debtor wishes to keep the colatteral (car, home, boat etc.) In some -LSB-...]

With chapter 7 bankruptcy consumers can walk away from all of their debt, including secured debt, where they end up paying nothing aside from attorney fees.

A rudimentary understanding of the difference between unsecured and secured debts is very helpful if you want to take the most information away from a meeting with a bankruptcy attorney.

As a general rule, unsecured debt is wiped out by filing bankruptcy, whereas previous obligations to pay secured debts will remain if you retain the property that serves as collateral for the loan.

That's because after bankruptcy, you could be release of your unsecured debt obligations, while you'll almost always have to repay secured debt even if it's under a bankruptcy repayment plan.

However, bankruptcy does not relieve you of the obligation to pay secured debts, such as mortgages and car loans, if you intend to keep the property.

Secured debts are not wiped out in bankruptcy unless you agree to surrender or give back the property that serves as collateral for the loan.

Before the 2005 law change, bankruptcy debtors had four options with respect to secured debt.

In bankruptcy, redemption is the process by which you take a pay off an old secured debt with a new one that has better payment terms — including a balance that's in line with the current value of the property.

Because in 2005, when Congress made major changes to the existing bankruptcy law, Congress changed the options that bankruptcy debtors had with respect to secured debts.

If you have unsecured debt (like credit cards) that is overwhelming you, secured debt (like a home mortgage or car loans) that is current, and you meet the Chapter 7 means test, then a Chapter 7 bankruptcy may offer you the relief you need.

When a debtor files for bankruptcy protection, they list all debts and creditors whom they owe money to, including both secured and unsecured debts.

Since secured loans, child support and alimony and some other debts can not be included in a bankruptcy, you will still need to make your regular payments on these obligations even if you declare bankruptcy.

A Chapter 13 bankruptcy includes a three or five year plan that gives you the time you need to catch up on your secured debt arrearages.

These advantages are: to save your home from foreclosure; to reschedule secured debts; to provide protection for co-debtors; to consolidate your loans under one plan; to keep non-exempt property; to extend certain tax obligations, student loans, or other such qualifying debts; and to qualify for bankruptcy relief.

So the bankruptcy discharge that would otherwise eliminate the debtor's personal liability on a mortgage loan or car loan does not apply to the secured debt that is the subject of the reaffirmation agreement.

Both Chapter 11 and Chapter 13 bankruptcy may allow you to modify secured debt contracts, discharge certain unsecured debts that can not be repaid over the term of the bankruptcy repayment plan, and to keep certain property needed to operate your business.

Although secured debts are handled differently than unsecured debts in the bankruptcy process, there are extenuating circumstances that may subject a creditor who holds a secured debt to bankruptcy laws, especially after a bankruptcy closes.

Any individual person (not a corporation or partnership) is eligible for Chapter 13 relief as long as the amount of their debts does not go above $ 307, 675 for unsecured debts (those with no collateral) and $ 922, 975 for secured debt and they are earning wages that cover more than their reasonable living expenses.The person must also have received credit counselling from an approved agency within the 180 days prior to filing and had not been dismissed from another type of bankruptcy filing in this time period.

Bankruptcy does not deal with secured debts like your mortgage or car.

Each secured debt, such as mortgages, home equity loans, car loans, boat loans, furniture loans, judgment creditors, tax liens etc., must be analyzed carefully before a bankruptcy case is filed.

At the end of the payment plan, your remaining debts are discharged, unless you've reaffirmed (promised to pay) your secured debts and received the approval of your bankruptcy judge.

Canadian bankruptcy law discharges all tax debt universally, unless the Canada Revenue Agency has taken steps to secure it (a lien on a property) or in the case of fraud or tax evasion.

For example, if a debtor's secured debt exceeds $ 1,081,000 and / or combined unsecured debt exceeds $ 360,475, and the debtor wishes to keep delinquent assets, the only viable bankruptcy recourse would be to file for Chapter 11 bankruptcy protection.

In a Chapter 7 case, the most common type of personal bankruptcy, the court doesn't allow an individual to keep their assets, but most exemptions allowed under state and federal law are large enough to cover a secured debt such as a house mortgage a car loan.