Your debts can be “secured,” “priority,” or “general unsecured.” How bankruptcy treats your debts depends on which kind they are.
Some of the assets you may want to protect in a bankruptcy case are those that are security for debts.
Bankruptcy can save your truck or vehicle various ways. Enable you to pay for it by wiping out other debts. Or even by paying less for it.
Bankruptcy pays a lot of attention to and can help you deal with your secured debts in many favorable ways.
A tax lien may attach to assets worth more than the amount of the underlying tax. That could make either a small or a huge difference.
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?
Chapter 7 puts you in the driver’s seat to either keep or surrender the collateral securing your business debts.
Chapter 7 deals with some debts better than does Chapter 13. But Chapter 13 deals with some other debts better than Chapter 7. So what kind of debts do you have?
Too much debt can disqualify you from filing under Chapter 13.
If you don’t qualify for either Chapter 7 or 13, do you have to do a very expensive Chapter 11 reorganization? Or could you still qualify after all?
Straight Chapter 7 bankruptcy gives very limited help if you’re behind on your vehicle and need to keep it. And Chapter 13? Provides much more help.
Bankruptcy stops a vehicle repo from happening. But what then?
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