Your Debts in Bankruptcy
Bankruptcy is about debts. Different categories of debts are treated differently. The categories are secured, priority and general unsecured.
Cramdown on Collateral Not Purchased with the Debt
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.
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."
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.
When a Creditor Does Not Have an Enforceable Lien
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.
When a Creditor Does Not Enforce its Lien
Sometimes, even if what you bought is legally collateral on a debt, you can just write off and not pay the debt yet keep what you bought.
Crucial Question: Can I Exclude a Creditor from My Bankruptcy Case?
In general, you must include every creditor in your bankruptcy documents. Most concerns you may have about this can be satisfied.
Crucial Question: If I File Bankruptcy Who Will Be Told, Who Can Find Out?
A bankruptcy filing is a matter of public record, so anybody can find out about it. But mostly just your creditors will know.
Filing “Chapter 20” to Defeat the Chapter 13 Debt Limits, and More
If you owe too much debt but still need the benefits of Chapter 13, consider "Chapter 20."
New Debt Limits Are Now in Effect in Chapter 13 Cases
As of April 1, you can owe more debt and still qualify for Chapter 13.
Bankruptcy Can Do So Much More Than Just Wipe Out Your Debts–But That’s Not A Bad Start
Chapter 7 gives you a fresh financial start by legally erasing your debts. That's enough if your debts are simple ones.
Debt Limits in Chapter 13 Bankruptcies
Too much debt can disqualify you from filing under Chapter 13.
I Make Too Much for Chapter 7, Owe Too Much for Chapter 13, So Now What Do I Do?
If you don't qualify for either Chapter 7 or 13, do you have to do a very expensive Chapter 11 reorganization? Or could you still qualify after all?
Advantages of Chapter 13 After Stopping Repossession of Your Car or Truck
Straight Chapter 7 bankruptcy gives very limited help if you're behind on your vehicle and need to keep it. And Chapter 13? Provides much more help.
Help! I’ve Just Been Sued by a Creditor! What Do I Do Now?
Don't react to getting lawsuit papers by avoiding them. Treat the lawsuit as a great incentive for taking the first step towards a better life.
