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Can your house be taken for unsecured debt in Illinois?
In general, an unsecured debt cannot lead to the forfeiture of a solid asset like a house. Unsecured debt is not tied to collateral.
Is subordinated debt more senior than senior unsecured?
No. While both tranches of debt are unsecured (no collateral pledged in support of the debt obligation), by definition, senior unsecured ranks higher in the capital structure than subordinated debt, meaning that senior unsecured creditor claims will receive payment prior to subordinated debt creditors upon bankruptcy of the debtor.
What is the difference between secured debt and unsecured debt?
A secured debt - is protected by being tied to something valuable (jewellery, car, house etc). If you default on the repayments, you could lose the item the debt is secured on ! An unsecured debt is not tied to any physical property. If you default on an unsecured debt, they will usually take you to court and have the debt recovered from your wages.
Can a creditor sue for unsecured debt?
* An unsecured debt, generally, is a debt that is not backed by collateral. For instance a car loan is secured by the security interest the lender has in the car. A credit card which is not backed by collateral is not secured by collateral therefore it is an unsecured debt. Generally, yes a creditor can sue for unsecured debt, the creditor just doesn't have any interest in the good that formed the basis of the loan.
Would i still be liable if I don't pay on an unsecured debt after chapter 7 bankruptcy?
You should not have paid any unsecured debt after the chapter 7 was filed. All unsecured debts were discharged. If you made the mistake of continuing regular payments on an unsecured debt after filing, you may have reinstated the debt. If in doubt, consult a local bankruptcy lawyer.
Where can one find information on how to consolidate unsecured debt?
The Federal Trade Commission has a website that is called Consumer Information. There is a tab on that website that is called Dealing with Debt. They have a wide variety of information to help get out of debt, dealing with bankruptcy, etc.
What is credit cards are considered?
unsecured debt
What percentage of unsecured debt is paid to debtors in a chapter 13 bankruptcy?
Each Chapter 13 planis different. I have seen Chapter 13 plans pay nothing to unsecured creditors and I have seen plans that pay 100$ to the unsecured creditors. Most cases are much less than 50%. It just depends on how much income is left for plan payments and how much debt the debtor has.
Is Medical bills secured or unsecured debt?
Medical bills are unsecured debt. Regards, Adam Luehrs KL Financial Services http://www.klfinancialservices.com
Chapter 13 requires total unsecured debt of less than 335000 Is a Parent Plus student loan considered as a unsecured debt?
Yes.
How can one resolve unsecured debt relief?
There are different ways to resolve unsecured debt relief. One way is to pay the loan off as soon as possible. If one has multiple unsecured debt, sometimes they can get a loan to consolidate them. One can consolidate with or without collateral.
Can debt consolidating work with secure debt?
Yes debt consolidation can work with secured debt. But unsecured debt consolidation loans are indeed a great help for debtors. It implies that you shoot a number of unsecured loans by another unsecured loan. But more often than not, it involves no security against your money provision and serves your purpose without collateral. It tries to cut your cost with existing debt to a considerable level. The rate of interest you are offered always remains much lower to that of all your existing debt. With the financial process you reduce your debt burden by 50% to 60%.
