Does Your Creditor Has a Valid Security Interest?

Wasson and ThornhillSecured Debts

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

Unsecured Debts

Wasson and ThornhillBankruptcy Advice

Unsecured debts are not legally attached to anything you own. They have no security. Certain special unsecured debts are “priority” debts.   Unsecured Debts Debts that are unsecured are those which are not legally tied to anything you own. The creditor has no “security” attached to the debt, no “security interest” in anything. It has no right to repossess or … Read More

Dealing with Simple and Difficult Debts in Chapter 7 and 13

Wasson and ThornhillBankruptcy Options

Overall, Chapter 7 deals with simple debts as well or better than Chapter 13 does, which deals with more difficult debts better.   Debts in Bankruptcy When deciding between Chapter 7 “straight bankruptcy” and Chapter 13 “adjustment of debts” you look at many factors. You have to meet certain qualifications (usually easy to meet) to file either one. The amount … Read More

Secured Debts

Wasson and ThornhillSecured Debts

Creditors with secured debts often have much more leverage against you than with unsecured debts.