Most likely your Chapter 7 case will be completed successfully. But be aware of these essential steps to make sure it does happen. You’ve filed a Chapter 7 “straight bankruptcy” case, which stopped all creditor collections actions against you. About a month later you’ve gone through the Meeting of Creditors with the Chapter 7 trustee. Now within two more … Read More
If your vehicle is worth less than you owe on it, under Chapter 7 you can keep it by “redeeming” it–paying its present value in full.
You may be able to keep your vehicle for less money by “redeeming” itâpaying its present fair market value instead of the full debt.
Here are more features of Chapter 7 worth knowing and taking advantage of.
Bankruptcy pays a lot of attention to and can help you deal with your secured debts in many favorable ways.
Both the Chapter 7 and Chapter 13 types of bankruptcy give you excellent ways to either keep andâif you wantâsafely let go of your vehicle.
Have your attorney first make sure that your creditor has a right to the collateral. If so, arrange to pay for the right to keep it.
If you owe a debt secured by your personal property–furniture, appliances,computers–here’s what bankruptcy can do with these debts.
What happens to the furniture, computer and such that you owe money on? Can they be protected under both Chapters?
File under Chapter 7 if you don’t need lots of help keeping your vehicle. File under Chapter 13 if you do.