Chapter 7 bankruptcy provides several options for dealing with secured debts and the items of property that serve as collateral for those debts. If you don't take steps to keep the property, you may lose it during the bankruptcy.
To start, learn about secured debts -- what they are, your obligations for payment of those debts, and what happens to the property securing the debt in bankruptcy. Then read about your options for surrendering or keeping the property. The articles discuss the advantages and disadvantages of each option, when you can use them, and when it would be a good or bad idea to employ the various options.
Secured Debts in Chapter 7 Bankruptcy: An Overview
Learn about secured debts, what happens to them in bankruptcy, and your options for keeping or giving up the property that serves as collateral for secured debts.
Reaffirming Secured Debt in Chapter 7 Bankruptcy
In Chapter 7 bankruptcy, you can keep property secured by collateral (such as your car) by reaffirming the debt.
Redeeming Secured Property in Chapter 7 Bankruptcy
You might be able to keep financed personal property in Chapter 7 by paying the creditor its value in one lump sum.
Surrendering Secured Property in Chapter 7 Bankruptcy
In Chapter 7 bankruptcy, if you don’t want to keep an item of property that serves as collateral for a secured debt, you can “surrender" it.
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Learn about secured debts and how creditors can collect them.
Learn about unsecured debts, including what they are and how creditors can collect on them.
How to File for Chapter 7 Bankruptcy
The reliable, up-to-date information in this best-selling book will help you successfully complete your bankruptcy claim without breaking the bank.
Bankruptcy for Small Business Owners: How to File for Chapter 7
With this book, you can assess the financial condition of your business, determine whether you should declare bankruptcy, and complete the bankruptcy paperwork.