Secured Debt & Property in Chapter 7 Bankruptcy
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.
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.
In Chapter 7 bankruptcy, you can keep property secured by collateral (such as your car) by reaffirming the debt.
You might be able to keep financed personal property in Chapter 7 by paying the creditor its value in one lump sum, a process known as Chapter 7 redemption. Often, people find they pay significantly less than what they owe.
Surrendering secured property in Chapter 7 bankruptcy? Learn the process, pros, cons, and how to handle various secured debts like mortgages and car loans.
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.
The reliable, up-to-date information in this best-selling book will help you successfully complete your bankruptcy claim without breaking the bank.
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