Reducing Payments on Furniture and Other Secured Debt

Wasson and ThornhillSecured Debts

You can lower your monthly payments, the interest rate, and amount you pay on furniture purchases, secured credit cards, and pawn loans.   Our last 4 blog posts have been about Chapter 13 cramdown of vehicle loans. For most people filing a consumer bankruptcy case, their vehicle loan is their largest and most important personal property debt. But cramdown can also … Read More

No Timing Conditions for Cramdown on Non-Purchase Collateral

Wasson and ThornhillSecured Debts

No need to comply with the timing conditions when doing a cramdown of a secured debt if the collateral was not purchased with the debt.   The Cramdown Advantage Last week we got into Chapter 13 cramdown of vehicle loans and furniture loans. Cramdown can be an excellent way to keep personal property that’s securing a loan. It allows you … Read More

Furniture Loan: Reaffirm or Cramdown?

Wasson and ThornhillSecured Debts

Here’s an example of when it’s better to reaffirm or cramdown a furniture/appliance loan, to use a Chapter 7 case or a Chapter 13 one.   Last time we showed how cramdown on a vehicle loan can reduce the payments and the total amount you pay. The amount you save monthly and in total may be enough to justify filing … Read More