What Types Of Loans Could Result In The Seizure Of Your Property? Answer: Can debt collectors seize assets? A judgment may allow creditors to seize personal property, levy bank accounts, put liens on real property, and initiate wage garnishments. Generally, judgments are valid for several years before they expire. The statute of limitations dictates how
Which Of The Following Debts Could Possibly Be Forgiven Under Chapter 7 Bankruptcy? Answer Expert Verified So the answer is A. Credit Card. A credit card debt can be forgiven under chapter 7 because it is the main reason why people file for bankruptcy just to discharge their credit card balance. What can be discharged
Can I Keep My Paid Off Car If I File Chapter 7? If you file for Chapter 7 bankruptcy and local bankruptcy laws allow you to exempt all of the equity you have in your car, you can keep the vehicle—as long as you’re current on your loan payments. … They may also give you
Which Describes The Difference Secured And Unsecured Credit? Secured credit is backed by an asset equal to the value of a loan, while unsecured credit is not guaranteed by a material object. Unsecured credit is backed by an asset equal to the value of a loan, while secured credit is not guaranteed by a material
Are All Consumers Protected By The Automatic Stay Law? Under Section 362 of the United States Bankruptcy Code, an automatic stay goes into effect the moment when a debtor files for bankruptcy. 1 The automatic stay applies to individuals, to businesses, and to all of the chapters of the Bankruptcy Code. How does a Chapter
Can Credit Card Debt Take Your Vehicle? A credit card company or anyone else you owe money to can seize your vehicle if you don’t pay your debts. It can also sell your debt to a debt collector who then will try to get the money from you. Can a credit card company take your
Is Your Primary Residence Protected From Creditors? Homeowners in California have the right to declare their primary residence a homestead. Claiming homestead status protects your equity from creditors in the event of a lawsuit or a bankruptcy. While you can get some homestead protections automatically, the most valuable ones require action on your part. Can
What Is Chapter 13 Bankruptcy Individual? Background. A chapter 13 bankruptcy is also called a wage earner’s plan. It enables individuals with regular income to develop a plan to repay all or part of their debts. Under this chapter, debtors propose a repayment plan to make installments to creditors over three to five years. How
Why Does An Unsecured Loan Have A Higher Interest Rate Than A Secured Loan Quizlet? Why does an unsecured loan have a higher interest rate than a secured loan? The bank bears all the risk of the loan. Do secured loans have lower interest rates than unsecured loans? Rates: Secured loans typically have lower annual
Which Describes An Example Of Using Unsecured Credit? an example of using unsecured credit is: A. Someone buys new gutters for a home with a credit card. Unsecured credit happens when there is no assurance to guarantee the credit which will increase the risk of potential loss in the process. What is the most common