Chapter 7 puts you more in control over whether to keep or surrender the collateral that secures your business debts. As you close down your business, what would you like to do with the collateral securing your business loans and debts? Is the collateral a business asset you no longer need? Then ... Read More »
Your Simple Debts, Your Complicated Debts
Chapter 7 gives you a fresh financial start by legally erasing most of your debts. That’s great if your debts are simple ones. Simple Debts and Complicated Ones You have debts that are overwhelming you. If you go through a procedure called Chapter 7 “straight bankruptcy,” in ... Read More »
Three Types of Debts
Your debts can be “secured,” “priority” or “general unsecured.” How they're treated in bankruptcy depends on which type they are. The purpose of bankruptcy is to deal with your debts. You want to know: Will you still owe anything to anybody after filing bankruptcy? What happens to debts you ... Read More »
Chapter 7 and Chapter 13–Encumbered Assets
Some of the assets you may want to protect in a bankruptcy case are those that are security for debts. Collateral and Other Security on Secured Debts Everything you own is either legally encumbered by a debt or is yours free and clear of any debt. Possessions which are encumbered by a ... Read More »
Mistakes to Avoid–Surrendering Your Vehicle or Getting it Repossessed
Bankruptcy can save your truck or vehicle various ways. Enable you to pay for it by wiping out other debts. Or even likely pay less for it. The Pleasant Surprises of Bankruptcy Most of the time people go to see a bankruptcy attorney they are pleasantly surprised by what options are available ... Read More »
Making Sense of Bankruptcy: How Secured Debts are Treated in a Chapter 7 “Straight Bankruptcy”
Bankruptcy pays a lot of attention to and can help you deal with your secured debts in many favorable ways. Here’s today’s sentence that we’re explaining to help you understand bankruptcy: Filing a Chapter 7 case gives you some truly important benefits for dealing with your ... Read More »
Making Sense of Bankruptcy: How Does Chapter 7 Handle the Collateral Securing My Debts?
When you file a Chapter 7 "straight bankruptcy" case you can keep and pay for collateral or return it and not pay the debt. Here’s today’s sentence that we’re explaining to help make sense of bankruptcy: If a debt is truly secured by collateral you usually have the option of ... Read More »
Making Sense of Bankruptcy: The Chapter 13 Payment Plan
Chapter 13 is all about what you can and can’t do with your creditors in your court-approved plan. With our last blog post we started a series to help you understand bankruptcy better, by having us explain the legal terms in a sentence you might hear, so that it all starts to make ... Read More »
How Bankruptcy Handles . . . a Recorded Income Tax Lien that Is Fully Secured by Your Assets
A tax lien may attach to assets worth more than the amount of the underlying tax. That could make either a small or a huge difference. A Potentially Secured Tax Debt The recording of an income tax lien potentially turns an unsecured tax debt into one secured by some of your property and ... Read More »
