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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...]

Discharging Student Loans in Bankruptcy

Many people know when they come into the office that they won’t be able to discharge their student loans. In New Jersey, in order to discharge your student loans, you have to be able to prove an “undue hardship.” Of course, you’re thinking I have an “undue hardship” because I can’t make the payments on my loans. However, “undue hardship” is a legal term or art. In order to make your case for an “undue hardship” you have to pass what is known as the Brunner Test. The Brunner Test is a … [Read more...]

Bankruptcy, Co-Signers & Private Student Loans

Many people believe that private student loans are treated the same as Federal student loans. This is not true. Unlike Federal loans, which are regulated by the Federal Government, Private loans are based entirely on the terms and conditions included with the Promissory Note you signed. Many private student loan promissory notes contain an acceleration clause. An acceleration clause means that the entire loan defaults, and becomes completely due and payable when certain conditions are … [Read more...]

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