Actions To Take When Considering Bankruptcy
If you’re considering bankruptcy, generally don’t sell or give away your possessions—including collateral—or use retirement money. Two weeks ago, we made the... Read More
List all Creditors in Your Bankruptcy Case
If you don't list a debt in your bankruptcy case, and don't add it in on time, it may not be written off. So carefully include all debts.
Giving a Creditor “Adequate Protection”
To be able to keep your property that's collateral or security on a secured debt, you must give that secured creditor "adequate protection."
Verifying that a Creditor Has a Valid 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.
Unsecured Debts in Bankruptcy
Your debts are either secured by something you own, or they are unsecured. Unsecured debts are either "priority" or "general unsecured."
Dealing with Recorded Tax Liens through Chapter 13
A recorded tax lien gives the IRS/state a lot of leverage against you and your home. Chapter 13 can gain you back some of that leverage.
Timing: Qualifying for Cramdown on Personal Property Collateral
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."
Cramdown on Debts Secured by Personal Property
How Chapter 13 helps you keep personal property collateral on a debt (such as furniture bought on credit) for less money through cramdown.
Qualifying to File a Chapter 13 Case
You can file a Chapter 13 case if you are an "individual," have regular income," and don't owe too much.
Keeping Your Vehicle in Chapter 7 through Redemption
If your vehicle is worth less than you owe on it, under Chapter 7 you can keep it by "redeeming" it--paying its present value in full.
Surrendering Your Vehicle in a Chapter 7 Case
If you're buying a vehicle, sometimes getting out of the contract is your best option. Chapter 7 lets you do that, owing nothing.
Keeping Your Vehicle by Reaffirming the Vehicle Loan
In a Chapter 7 case you "reaffirm" your vehicle loan if you want to keep your vehicle. This means you keep paying it.
Leases that Are Actually Secured Purchases
A "lease" of furniture or other consumer goods may actually be a disguised purchase. If so, through "cramdown" you can pay much less on it.
When It’s Worth Objecting to a Proof of Claim
If a creditor's proof of claim is a "priority" or secured debt is too high, object to it to avoid paying too much in your Chapter 13 case.
Example of How Chapter 13 Handles a Creditor with a Disputed Lien
Here's a scenario showing how Chapter 13 solves problems that Chapter 7 doesn't solve in dealing with a creditor's disputed lien.