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 and Chapter 13–“Cramdown” on Personal Property Collateral
After covering Chapter 7 last time, now how does Chapter 13 help you keep (or surrender) collateral on a debt? Last time we explained the crucial difference between secured and unsecured debts, and focused particularly on “purchase money” secured debts. That led to laying out the ... Read More »
Chapter 7 and Chapter 13–Personal Property as Purchased Collateral
How does bankruptcy treat something you bought—furniture, an appliance, or some electronics—when that thing is collateral on a debt? In our last couple blog posts we compared how Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” each deal ... Read More »
