Businesses considering bankruptcy get intense legal advice before filing. You would also be smart to get solid advice to make a good decision.
To be able to keep your property that's collateral or security on a secured debt, you must give that secured creditor "adequate protection."
Filing bankruptcy stops creditors' collections against you immediately. But sometimes a creditor tries to get permission to collect anyway.
The 910-day & 1-year conditions for doing a Chapter 13 cramdown don't apply if the creditor doesn't have a purchase money security interest.
A creditor's rights over you in either Chapter 7 or 13 vastly increase if it has a security interest. Now's the time to find out for sure.
Chapter 13 cramdown doesn't just work for vehicle loans. You can also cram down debt for the purchase of "any other thing of value."
If you object to a creditor's proof of claim in your Chapter 13 case, and prevail in that dispute, you pay nothing on that debt.
Creditors sometimes have grounds to ask for permission to resume or start collection action against you in spite of your bankruptcy filing.
For a debt to be secured, the creditor has to go through the right legal steps. Otherwise you don't have to pay the debt.
To the extent you do not pay off your debts during a Chapter 13 payment plan, the remaining balance is usually legally written off forever.
This 4th of July make your move towards financial freedom. Get informed. You'll feel tons better once you know your options.
Chapter 7 writes off your mortgage debt, many other debts against the property, and potentially pays your "priority" debts as well.
Bankruptcy gives you options for taking charge of your financial life.
As of April 1, 2016 you can have a little more debt and still qualify for a Chapter 13 "adjustment of debts"
Stripping your second mortgage could give your home the very best fresh start by saving you a tremendous amount of money.