How Chapter 7 Deals with General Unsecured Debts

Wasson and ThornhillEffects of Bankruptcy

In a Chapter 7 case your unsecured debts are either priority or general unsecured. Chapter 7 legally writes off all or most of the latter.   Last time we said there are two kinds of unsecured debts, “priority” and “general unsecured”: “Priority” debts are those that the law treats as special for various reasons. Past-due child support and unpaid recent … 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

Creditor Proofs of Claim

Wasson and ThornhillChapter 7

In most Chapter 7 cases, there is not much practical effect to what creditors put on their proofs of claim.

Disputed Lien in Chapter 13

Wasson and ThornhillChapter 13

When a creditor may not have a valid lien, Chapter 13 gives you a good way to defeat that disputed lien and the claim against your property.

Secured Debts

Wasson and ThornhillSecured Debts

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