Secured Debts

Timing of Non-Vehicle Collateral Cramdown

Cramdown is most familiarly known as a tool to decrease monthly payments on vehicle loans. But you can also cram down debt on other collateral.

One of the most important aspects of bankruptcy is that all debts are not equal. "Priority" debts are treated special in a number of ways.

Cramdown lowers vehicle loan payments and the total paid on the loan. But you can also get similar benefits on other personal property debts.

Bankruptcy is about debts. Different categories of debts are treated differently. The categories are secured, priority and general unsecured.

Do you need a Chapter 13 case? WHEN you file it can mean the difference between a payment plan that takes 3 years and one that takes 5.

To be able to keep your property that's collateral or security on a secured debt, you must give that secured creditor "adequate protection."