Stronger Medicine for Vehicle Loan through Chapter 13
If you are behind on your car or truck loan and a Chapter 7 case will not help you enough, file a Chapter 13 case instead so that you can keep that vehicle.
Options with Your Vehicle Loan under Chapter 7
Your car or truck loan may be the most important debt you have. Chapter 7 puts you in the driver seat for dealing with this debt.
Debts with Collateral–THE Fixation of Many Bankruptcies
Your vehicle loan, home mortgage, account at the appliance or electronics store, and maybe a debt that’s resulted in a judgment lien–these debts with collateral are the ones that grab the most attention during a bankruptcy case. And that includes the attention of the creditors, very interested in “their” collateral.
What Happens to Your “General Unsecured Debts” in Chapter 13?
In most Chapter 7 “straight bankruptcies,” most debts are legally written off, especially debts that are not secured by any collateral and don’t belong to any of the special “priority” categories of debt. But how about in a Chapter 13 payment plan? What determines whether these creditors get paid, and if so how much?