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Archives for March 2015

Keeping a Vehicle by “Reaffirming” the Vehicle Loan

Chapter 7 Bankruptcy and Your Secured Debts A secured debt is one in which in which you essentially made two agreements with your creditor, the first involving the debt, the second involving the collateral. 1) You agreed to pay the amount you owe under certain terms, and 2) you agreed to surrender the collateral if you don’t pay the debt under those terms. A Chapter 7 “discharge” (legal write-off) of a debt erases the debt—the first of those two agreements—but does not affect your … [Read more...]

What a Straightforward Chapter 7 Bankruptcy Case Looks Like

A straightforward Chapter 7 case does the following: immediately protects you and your possessions and property from your creditors; enables you to hold onto everything you own; lets you keep or surrender any collateral based on your choice; and discharges (legally writes off) all your debts that you want to discharge. 1) Protects You Right Away The moment your Chapter 7 case is filed, virtually all collection efforts by creditors against you are legally stopped. This … [Read more...]

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