“Cramdown” of your vehicle loan can solve the problems of a reaffirmation agreement by lowering payments and protecting you much better.
“Reaffirmation” of Your Vehicle Loan
A reaffirmation agreement is a document, usually prepared by your vehicle lender, which you sign and is then filed at the bankruptcy court.
Listing All Creditors in Your Bankruptcy Documents
If one of your creditors is not included in your “schedules” you risk continuing to owe that debt after your bankruptcy is finished.
Accident Claims from Intoxicated Driving
You can write off claims against you for others’ personal injuries and property damage from a vehicle accident. Unless you were intoxicated.
Discharging a Student Loan in Bankruptcy
Writing off a student loan in bankruptcy requires showing “undue hardship.” What is that?
Child and Spousal Support Are Not Discharged in Bankruptcy
You can’t legally write off child support or spousal support.
Income Taxes that Are Discharged in Bankruptcy
Bankruptcy DOES discharge–permanently write off–certain income taxes. It’s mostly just a matter of time.
Criminal Debts Not Discharged in Bankruptcy
Bankruptcy can’t discharge–permanently write off–criminal debts, but it can still help in indirect but potentially game-changing ways.
Debts Not Discharged in Bankruptcy
Most debts can be discharged–permanently eliminated–in bankruptcy. Here are the exceptions.
Discharging Debts through Bankruptcy
In your goal of getting a fresh financial start, your most important tool is the “discharge”–the permanent legal elimination of your debts.
Three Kinds of Debts
Your debts can be “secured,” “priority,” or “general unsecured.” How bankruptcy treats your debts depends on which kind they are.
Bankruptcy in the U.S. Constitution and Laws
Bankruptcy is federal law. The U.S. Constitution has said so from the beginning. Find the Bankruptcy Code in Title 11 of the U.S. Code.
Bankruptcy As a Moral Choice
When is it moral to break your promises to pay your debts?