“Cramdown” of your vehicle loan can solve the problems of a reaffirmation agreement by lowering payments and protecting you much better.
A reaffirmation agreement is a document, usually prepared by your vehicle lender, which you sign and is then filed at the bankruptcy court.
If one of your creditors is not included in your “schedules” you risk continuing to owe that debt after your bankruptcy is finished.
You can write off claims against you for others’ personal injuries and property damage from a vehicle accident. Unless you were intoxicated.
Writing off a student loan in bankruptcy requires showing “undue hardship.” What is that?
You can’t legally write off child support or spousal support.
Bankruptcy DOES discharge–permanently write off–certain income taxes. It’s mostly just a matter of time.
Bankruptcy can’t discharge–permanently write off–criminal debts, but it can still help in indirect but potentially game-changing ways.
Most debts can be discharged–permanently eliminated–in bankruptcy. Here are the exceptions.
In your goal of getting a fresh financial start, your most important tool is the “discharge”–the permanent legal elimination of your debts.
Your debts can be “secured,” “priority,” or “general unsecured.” How bankruptcy treats your debts depends on which kind they are.
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.
When is it moral to break your promises to pay your debts?