Everyone Deserves a Second Chance
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Chapter 13’s Tools for Your Home Mortgage

Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” give you two very different ways of attacking your debts. This includes your home mortgage.

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Chapter 13 Gives You Lots More Time to Pay Crucial Creditors

When you’d like to favor certain important debts over others, often Chapter 13 makes this possible. One of the basic principles of bankruptcy is that you usually can’t favor one debt over your other debts.

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Chapter 7 if You Can’t Off All Your Debts

Chapter 7 may still give you enough help even if you have one or more debts that you will continue to owe afterwards. The last two weeks we’ve covered three possible complications in Chapter 7 “straight bankruptcy” cases. If you:

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Chapter 7 if You’re Behind on Your Home or Vehicle

Chapter 7 may or may not give you enough help if you are behind on your home mortgage and/or vehicle loan. Last week we got into two possible complications for Chapter 7 cases: if you have relatively high income, or if you have non-exempt assets—those that are not protected from creditors.

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Complications to A Chapter 7 Case

Most Chapter 7 “straight bankruptcy” cases are in fact straightforward. Here are two of the main circumstances that create complications.

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Chapter 7 vs. Chapter 13 and Your Collateral

How does consumer bankruptcy protect your personal and/or business assets that you gave as collateral on a loan? When you provide collateral to secure a creditor’s loan, you let the creditor put a lien on the collateral.

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Chapter 7 vs. Chapter 13 and Your Personal Property Collateral

How does consumer bankruptcy protect the furniture, computer and such that you bought on credit? Most people’s big worry about their collateral-secured debt is about their vehicle loan and/or home mortgage.

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Chapter 7 vs. Chapter 13 and Your Home Mortgage

Here are 7 ways filing a Chapter 7 case can help you deal with your home lender and 8 ways filing a Chapter 13 one can. If you’re buying a home, your mortgage and other related debts are probably your biggest and most important ones.

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Chapter 7 vs. Chapter 13 and Your Vehicle Loan

A Chapter 7 case makes sense if you want to keep your vehicle and don’t need much help doing so. Chapter 13 provides much more help.

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Chapter 7 vs. Chapter 13 and the Time Element

Chapter 7 is quick. It’s usually best when it discharges most of your debts. Chapter 13 gives you time to address debts Chapter 7 doesn’t.

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