Chapter 7 Archives

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.

Beyond the pandemic's foreclosure moratorium, Chapter 7 bankruptcy gives you serious advantages if you're selling your home.

Chapter 7 does not stop the collection of unpaid child or spousal support, nor provide any procedure to pay the support. It may still help enough.

Priority debts are largely unaffected by a Chapter 7 case--it does not discharge them, so you need to pay them after finishing your case.

Your Chapter 7 trustee may pay your priority debts--in full or in par--through the proceeds of the sale of your unprotected, not exempt assets.

Chapter 7 can help buy time to deal with some creditors or negotiate with others, which may help you keep your home.

Bankruptcy can help if you are facing a property tax foreclosure — Chapter 7 by getting rid of other debts, Chapter 13 by buying you lots more time.

Bankruptcy is about writing off or discharging debts. The timing of discharge is quite different in Chapter 7 and 13; both are permanent.

With smart timing you can discharge--legally and permanently write off--more income tax debts, even with a standard Chapter 7 case.

The timing of your bankruptcy filing can determine whether you qualify for quick Chapter 7 vs. paying into a Chapter 13 plan for 3-5 years.

Rejecting a vehicle lease in a Chapter 7 case simply requires a formal statement that you reject it. The Option of “Rejecting”...