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

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

Reaffirming a Secured Debt in Chapter 7

Wasson and ThornhillSecured Debts

You are allowed to exclude a secured debt—to keep your vehicle or furniture, for example—by reaffirming and not discharging the debt.   Last time we got into debts that you might voluntarily pay after a Chapter 7 case out of personal obligation. Today we cover debts voluntarily paid but for the purpose of keeping the collateral that’s securing the debt. … Read More