Bankruptcy and Your Debts

Wasson and ThornhillBankruptcy Law

Bankruptcy resolves your debts. How it does so depends on whether your debt is secured, priority, or general unsecured.   Your debts are the reason you are reading this. You want to know how bankruptcy would deal with your debts. Will bankruptcy write off all your debts? Can you keep paying some of your debts like a vehicle loan or … Read More

General Unsecured Debts in Chapter 13

Wasson and ThornhillChapter 13

Under Chapter 13, unlike Chapter 7, you pay your general unsecured debts as much as you can for 3 to 5 years, although often not very much.   Our last blog post was about how Chapter 7 “straight bankruptcy” deals with “general unsecured debts.” Mostly, they are discharged—legally, permanently written off. There are some exceptions. At the end of the … Read More

How Chapter 7 Deals with General Unsecured Debts

Wasson and ThornhillEffects of Bankruptcy

In a Chapter 7 case your unsecured debts are either priority or general unsecured. Chapter 7 legally writes off all or most of the latter.   Last time we said there are two kinds of unsecured debts, “priority” and “general unsecured”: “Priority” debts are those that the law treats as special for various reasons. Past-due child support and unpaid recent … Read More

Unsecured Debts

Wasson and ThornhillBankruptcy Advice

Unsecured debts are not legally attached to anything you own. They have no security. Certain special unsecured debts are “priority” debts.   Unsecured Debts Debts that are unsecured are those which are not legally tied to anything you own. The creditor has no “security” attached to the debt, no “security interest” in anything. It has no right to repossess or … Read More

Dealing with Simple and Difficult Debts in Chapter 7 and 13

Wasson and ThornhillBankruptcy Options

Overall, Chapter 7 deals with simple debts as well or better than Chapter 13 does, which deals with more difficult debts better.   Debts in Bankruptcy When deciding between Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” you look at many factors. You have to meet certain qualifications (usually easy to meet) to file either one. The amount … Read More

Object to a Debt You Do Not Owe

Wasson and ThornhillChapter 13

If your liability dispute with your creditor spills into your Chapter 13 case, the bankruptcy court may be a good forum to fight it out.

Simple Debts Discharged in Chapter 7

Wasson and ThornhillChapter 7

In most straightforward Chapter 7 cases all debts not secured by any collateral are discharged–forever written off. You pay nothing on them.

Three Kinds of Debts

Wasson and ThornhillBankruptcy Procedure

Your debts can be “secured,” “priority,” or “general unsecured.” How bankruptcy treats your debts depends on which kind they are.