Reaffirm Your Vehicle Loan in Chapter 7

Wasson and ThornhillVehicle Loans

To keep your vehicle and be able to afford to pay for it, reaffirm your vehicle loan in Chapter 7 and discharge your other debts.     A Vehicle Loan is a Secured Debts We started this series of blog posts on debts by introducing secured debts as follows: Each of your debts is either secured by something you own or it … Read More

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

When to Reaffirm a Debt, When to Use Chapter 13

Wasson and ThornhillBankruptcy Options

Reaffirming a secured debt, like a vehicle loan, can be a good way to keep that collateral/vehicle. But Chapter 13 is sometimes better.   The last 5 blog posts in December were about keeping the collateral you want by “reaffirming” the debt. “Reaffirmation” applies only to Chapter 7 “straight bankruptcy”cases. (We’ve focused mostly on reaffirming a vehicle loan.) Today we … Read More

Can I Rescind a Reaffirmation Agreement?

Wasson and ThornhillSecured Debts

Yes, you can rescind, or cancel, a reaffirmation agreement. But the deadline to do so is very quick. Know when it is so you can act timely.   Reaffirmation Agreements Our last four blog posts have been about reaffirmation agreements in a “straight bankruptcy” Chapter 7 case. In particular the first of these introduced these special agreements and the second … Read More

Do I Have to Go to a Reaffirmation Hearing?

Wasson and ThornhillBankruptcy Procedure

You only need to go to a reaffirmation hearing if you don’t have a lawyer, or he or she doesn’t sign the reaffirmation agreement.   Reaffirmation Agreement If you want to keep the collateral on a debt usually you have to exclude that debt from the legal write-off (“discharge”) of your debts that you receive in a Chapter 7 “straight … Read More

Reaffirmation of a Non-Current Debt

Wasson and ThornhillVehicle Loans

In theory the terms of a reaffirmation agreement are negotiable. But many creditors require you to be current on the debt to reaffirm it.   Two blog posts ago we introduced reaffirmation agreements, and in the last one we discussed their risks. Today we get into what happens if you are not current on a debt that you want to … 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

Debts Not Discharged in Chapter 7

Wasson and ThornhillEffects of Bankruptcy

Sometimes not all your debts are discharged—legally written off—in Chapter 7. Some you might want to pay; others you legally can’t discharge.   Two blog posts ago we ended by saying that most general unsecured debts get legally written off—“discharged”—in a Chapter 7 bankruptcy case, but that there are some exceptions. We’ll get into those exceptions now. These exceptions include … Read More