Do you owe a debt that you think is secured by things like your furniture, appliances, electronics? How does bankruptcy deals with these? 1. Is it really secured? The first thing is to make sure that the debt you think is secured by collateral really is. Does the creditor really ... Read More »
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 ... Read More »
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? Liens Generally Survive Bankruptcy When you provide collateral to secure a creditor’s loan, you let the creditor put a lien on the collateral. The creditor then just needs to ... Read More »
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. So, appropriately most decisions about whether to file a Chapter 7 ... Read More »
