Whether your creditor has a security interest determines whether it has rights against your vehicle or other collateral. Find out for sure. Reaffirmation vs. Cramdown The last four blog posts have compared Chapter 7 reaffirmation with Chapter 13 cramdown of a secured debt. With reaffirmation you keep the vehicle or other collateral but continue to owe the debt. Usually … Read More
Chapter 13 cramdown doesn’t just work for vehicle loans. You can also cram down debt for the purchase of “any other thing of value.”
If you object to a creditor’s proof of claim in your Chapter 13 case, and prevail in that dispute, you pay nothing on that debt.
Creditors sometimes ask the bankruptcy court for permission to take certain collection action against you or the collateral. In our last blog post we talked about the “automatic stay.” It’s one of the most important benefits of filing bankruptcy. It’s certainly the fastest, going into effect immediately when you or your Louisville lawyer files your bankruptcy case. The automatic … Read More
For a debt to be secured, the creditor has to go through the right legal steps. Otherwise you don’t have to pay the debt.
To the extent you do not pay off your debts during a Chapter 13 payment plan, the remaining balance is usually legally written off forever.
This 4th of July make your move towards financial freedom. Get informed. You’ll feel tons better once you know your options.
Bankruptcy gives you options for taking charge of your financial life.
As of April 1, 2016 you can have a little more debt and still qualify for a Chapter 13 “adjustment of debts”
After covering Chapter 7 last time, now how does Chapter 13 help you keep (or surrender) collateral on a debt?
How does bankruptcy treat something you bought–furniture, an appliance, or some electronics–when that thing is collateral on a debt?
Two similar scenarios, two very different solutions for keeping a vehicle if you’re behind on payments.
A tax lien may attach to something you own, worth less than the amount of the tax you owe. How can you get rid of that tax lien?
In general, you must include every creditor in your bankruptcy documents. Most concerns you may have about this can be satisfied.
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.
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