When you are considering Chapter 13 bankruptcy, you may be able to reduce or "cram down" the principle balance of certain secured debts. The most common examples of secured debts are your mortgage or car loan. In a chapter 13 bankruptcy, you can cram down your car loan, investment property mortgages or other personal property such as furnishings or household goods to the actual value of the item making it easier to pay it off. If you choose to cram down a car loan for example, an automobile … [Read more...]
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Keeping the Essentials – Your Home and Car in Bankruptcy
A Chapter 7 bankruptcy, otherwise known as a liquidation bankruptcy, wipes out debt completely and appeals to many who cannot afford to pay their bills. But what about people who have non-exempt property that they do not want to give up? Chapter 13 is a reorganization bankruptcy and offers an opportunity for debtors to keep their property by agreeing to make monthly payments toward their debt over the course of three to five years. Chapter 13 bankruptcies may allow you to restructure your … [Read more...]
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