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Consider Debt Consolidation Loans?
When you find yourself in a situation where it is not possible for you to pay off all of your monthly payments each month, it is important to resolve this issues as soon as possible. Delinquent accounts can start to hurt your credit rating, and if they are ignored they can eventually lead to bankruptcy. One of the best ways to deal with the issue is through the use of a debt consolidation loan. A debt consolidation loan can be unsecured or secured, and there are advantages and disadvantages to each choice. Unsecured debt consolidations loans are not tied to any collateral. This means that you do not have to risk losing an important asset like a home or car if you are unable to pay back the loan on time. This is the primary advantage of a debt consolidation loan that is unsecured. At the same time, an unsecured loan typically has higher interest rates than a secured loan. This means that it will take longer to pay off the debt, and it could possibly cost more each month.
What is the Statute of Limitations to Collect an Unsecured Judgment Debt Imposed by a Court in CO?
The time to bring the law suit in Colorado is 6 years. That is from the time of the last acknowledgement of the debt.
How do you get a lien removed from a property deed if the debt was paid off in a chapter 13 bankruptcy?
You must have the lien avoided in the bankruptcy court. This has to happen before the bankruptcy case is closed or you have to petition to have the case re-opened. LIENS SURVIVE BANKRUPTCY UNLESS YOU SPECIFICALLY MOVE TO HAVE THEM AVOIDED. Let me add to the last post. Most of the time, the creditor who has the lien is listed as unsecured, even though they are technically secured. You need to review your bankruptcy to see how the claim was handled. If it was paid as secured (100%) or 100% to unsecured, then contact the creditor. If the debt was paid as unsecured (less then 100%), then you must have the lien avoided. Most chapter 13's are less than 100% to unsecured.
Can a husband and wife have their wages garnished at the same time for unsecured debt?
If there is a judgment and a garnishment allowed by the court this could happen. However, this barely ever is approved for unsecured debt. Most people would file bankruptcy before they allowed their wages to be garnished.
How long should I hold a secured bank credit card before I try to get an unsecured one?
Your ability to obtain an unsecured credit card will depend on your credit score. As your credit score rises you will become eligible. Try checking it after a year of making on time payments on your unsecured card.
How do you make a claim for your unsecured debt from a company that filed for bankruptcy?
You file something called a "proof of claim", within the time period specified, with the court. The bankrupt, the administrator or just about anyone involved should be able to make sure you get one....and if your on the BK records as a possible creditor, you should be getting one automatically. It makes no difference whether your debt will qualify as a preferred claim, secured, unsecured, administrative, etc. for how you make a claim, although it will be asked on the claim form.
What the different types of credit?
Credit can be simply defined using three (3) aspects: * Secured (Collateralized) or Unsecured Credit (is there an asset positioned as a backstop to cover the debt if the borrower defaults) Example: Auto loan is secured by the car, a credit card is unsecured * Installment or Revolving Credit (is the loan fixed at a certain amount and paid back in similar installments over time or can the principal and payment of the loan change over time) Example: Auto loan is installment, home equity line of credit is revolving * Personal or Business Credit (is the business for an individual/family or for a business)
I was told that in the state of PA a creditor can't garnish your wages for unsecured debt?
By Federal law he can, although several states do limit the means of collecting a debt. Here's the hitch, although the debt is not secured by physical property, that you acknowledge the debt indicates it is probably a contract account, a signature loan perhaps. Although there is no property securing the debt, that is nothing that can be repossessed to recover what is owed, a signature secures a signature loan. the contract secures a credit card or time payment account. All debts that are acknowledged by both parties are secured under law, and are recoverable in one manner or another. An entire industry has risen out of the specialization of debt recovery, and I can assure you that there are competant collections agencies out there who will find a way to recover any debt they contract to collect.
Can anyone ever make it through to the end of the statute of limitation on unsecured debt?
Certainly, it happens all the time. But it is not easy and the requirements vary by jurisdiction.
What are secured and collateral accounts?
Secured accounts are secured by a deposit. The bank would then extend a credit line - usually an amount from 100% to 200% of the deposit. For instance a $500 deposits would generally get you a $500-$1000 credit line. You likely will earn interest on your deposit and be considered for an unsecured line after a certain amount of time.
What is the difference between a credit card and a secured credit card?
A consumer credit card is issued to you on good faith that you will build debt and pay it off. A secured credit card is issued to you for the amount that you deposit into a secured savings account. The debt you charge to your card cannot exceed the amount that you have in your account. Once you show good faith that you are responsible enough to maintain your credit to debt ratio and pay your bills on time, the company may offer you a consumer card in place of the secured card. A secured credit card is a great way to establish credit.
What is the Difference Between a consumer credit card and a secured credit card?
A consumer credit card is issued to you on good faith that you will build debt and pay it off. A secured credit card is issued to you for the amount that you deposit into a secured savings account. The debt you charge to your card cannot exceed the amount that you have in your account. Once you show good faith that you are responsible enough to maintain your credit to debt ratio and pay your bills on time, the company may offer you a consumer card in place of the secured card. A secured credit card is a great way to establish credit.
