Chapter 13 gives you a number of tools to help you deal with your vehicle loan. Chapter 7 vs. Chapter 13 in General Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” give you two very different ways of attacking your debts. This includes your vehicle loan. ... 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 Vehicle Loan
A Chapter 7 case makes sense if you want to keep your vehicle and don’t need much help doing so. Chapter 13 provides much more help. In deciding between Chapter 7 and Chapter 13, for your vehicle loan is concerned, think about the two sentences above. First, you don’t need ... Read More »
Reaffirming Your Vehicle Loan through Chapter 7 Bankruptcy
Earlier this month we wrote about the three kinds of debts—secured, priority, and general unsecured. Today we get into secured debts, ones in which something you own secures the debt for the creditor. We start with vehicle loans. Specifically, in a Chapter 7 “straight bankruptcy” ... Read More »
A Fresh Start on Your Vehicle Loan through Chapter 7 “Redemption”
You may be able to keep your vehicle for less money by “redeeming” it—paying its present fair market value instead of the full debt. If you owe much more on your vehicle than it is worth and absolutely must keep this vehicle, you may greatly benefit from a fresh start on ... Read More »
A Fresh Start on Your Vehicle Loan through Chapter 7 “Reaffirmation”
A reaffirmation agreement makes you still liable on your vehicle loan so you can keep your car or truck after writing off your other debts. The Problem Is it a struggle to make your car or truck payments? Have you been late on the payments and worried about your vehicle getting ... Read More »
Giving Thanks for Chapter 7 “Straight Bankruptcy”
Chapter 7 has many important features deserving appreciation. Filing a Chapter 7 bankruptcy case gives you many astounding benefits. We’ll start with 5 today, the day before Thanksgiving, and give you another 5 the day after Thanksgiving: 1) The “Automatic Stay” The moment ... Read More »
Chapter 7 and Chapter 13–Vehicle Loans
Two similar scenarios, two very different solutions for keeping a vehicle if you’re behind on payments. Two blog posts ago the topic was about how Chapter 7 and 13 can help you keep collateral—including a vehicle on a vehicle loan. Now, after giving a quick summary, we’ll ... 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 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 »
