A Handy Summary to Chapter 7 vs. 13 for Your Secured Debts

Wasson and ThornhillSecured Debts

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

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