Here is a handy summary of when to reaffirm your secured debt (like a vehicle loan) under Chapter 7 vs. cramming it down under Chapter 13. The last 4 weeks of blog posts have been about options for keeping collateral through Chapter 7 and Chapter 13. Mostly these options have involved reaffirming a secured debt in Chapter 7 or … Read More
Here are examples of when to reaffirm a secured debt (like a vehicle loan) in a Chapter 7 case or instead use a Chapter 13 case. The last blog post was about when to reaffirm a secured debt under Chapter 7 and when to handle that under Chapter 13 instead. This kind of comparison of options can get a … Read More
Chapter 7 prevents repossession for lapsed vehicle insurance, but only briefly. You still have to insure your vehicle again quickly. Our last blog post went through a list of ways Chapter 7 buys you time with your vehicle lender. Included in that list was that it gives you “a very limited time to reinstate required vehicle insurance.” This … Read More
In a Chapter 7 case you “reaffirm” your vehicle loan if you want to keep your vehicle. This means you keep paying it.