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 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 »
Chapter 7 Bankruptcy Can . . . Help You Leave Your Mortgage Behind
Filing Chapter 7 bankruptcy gives you important benefits when you’re letting go of your home. Filing Chapter 13 When You Should Instead Be Surrendering the House A Chapter 13 “adjustment of debts” gives you a full toolbox of different tools to help people hang onto their ... Read More »
Chapter 7 and Chapter 13–Surrendering Your Home
If you are leaving your mortgage(s) behind, what are the advantages and disadvantages of doing so within the two main bankruptcy options? Do You Need a Bankruptcy to Surrender the Home? If you’re thinking about surrendering your home to your mortgage holder, most likely you are ... 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 »
