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 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: have relatively high income have ... Read More »
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. A Big Difference—Time There are many practical differences between Chapter 7 and 13. Today we focus on how these two options ... Read More »
The Debtor, Creditors, and Clerk in a Bankruptcy Case
Your bankruptcy case will make much more sense if you know the roles of the people involved, starting with debtor, creditors, and clerk. The Debtor This is the “person” filing the bankruptcy case. An individual can file a case, as can a married couple. The ... Read More »
A Fresh Start on Your Vehicle Loan through Chapter 13 “Cramdown”
If your vehicle is worth less than you owe, Chapter 13 “cramdown” can reduce your monthly vehicle payment and the total you pay on the loan. You could get a fresh start on your vehicle loan by: Paying a smaller monthly payment immediately Reducing the interest rate Not needing to ... Read More »
Chapter 7 and Chapter 13–Unsecured Debts
Which of the two consumer bankruptcy options is better for you if you have lots of unsecured debts depends on the kind of unsecured debts. Unsecured Debts Debts that are unsecured are those which are not secured by anything you own. The creditor has no “security interest” ... Read More »
Chapter 7 and Chapter 13–Stripping a Second (or Third) Mortgage
Stripping a mortgage from the title to your home could save you a tremendous amount of money. Two blog posts ago our topic was getting rid of judgment liens, which can be done under either Chapter 7 “straight bankruptcy” or 13 “adjustment of debts.” So if you ... 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 »
Making Sense of Bankruptcy: The Vehicle Loan “Cramdown”
Chapter 13 may allow you to significantly reduce your monthly vehicle payment and to pay off the debt for thousands of dollars less. In this “Making Sense” series, we’re helping you understand bankruptcy by explaining its main concepts within single sentences. Today’s ... Read More »
New Year Resolution #15: Get a Fast Financial Fresh Start, Leaving You with No Debts or Only the Debts You Can Handle
Chapter 7 "straight bankruptcy" is quick, usually quite straightforward, and appropriate for more situations than you might think. In our last blog we described how Chapter 13 “adjustment of debts” works, some of its amazing tools, as well as some of its limitations. ... Read More »
