Chapter 7 and Chapter 13–Personal Property as Purchased Collateral
How does bankruptcy treat something you bought--furniture, an appliance, or some electronics--when that thing is collateral on a debt?
Making Sense of Bankruptcy: The Vehicle Loan “Cramdown”
Chapter 13 may allow you to significantly reduce your monthly vehicle payment and to pay off the debt for thousands of dollars less.
Crucial Question: In a Chapter 7 Case, How Do You Keep Collateral That’s Not a Home or Vehicle?
Have your attorney first make sure that your creditor has a right to the collateral. If so, arrange to pay for the right to keep it.
Crucial Question: How Quickly Will the Creditors Stop Calling, Suing, Garnishing?
Two steps: 1) Hiring an attorney stops collection calls and some other creditor actions. 2) Filing bankruptcy stops everything else.