Modification of Secured Debts – “Strip Down“ A Chapter 13 plan may modify the rights of secured creditors. For example, if the property is worth less than the amount of the secured debt (“upside down” or “underwater” loans), the Chapter 13 debtor
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How can we help? If you have secured debts that need attention, either because you are struggling to make monthly payments or behind on payments and risk foreclosure or repossession of the collateral, we can help you evaluate your options with respect
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What is a Chapter 13 Plan? A Chapter 13 plan is a debt reorganization and repayment plan proposed by the debtor and approved by the bankruptcy court. In Chapter 13, creditors do not participate in development of the plan or vote on
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What is a claim? A claim is a right to payment. The right to payment does not need to be reduced to judgment at the time of bankruptcy filing and it does not need to be monetary – it can be equitable.
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What is asset protection? Asset protection is financial planning to legally protect individual and business assets from the reach of potential future creditors, i.e., before a claim or liability arises, not after. Asset protection is not designed to replace liability or professional
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What is Bankruptcy Estate? A bankruptcy estate is all property of the debtor that comes under the bankruptcy trustee’s control during duration of the bankruptcy case. Bankruptcy estate is created when the debtor files a bankruptcy petition, and it is protected by
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What happens to mortgages and car loans in Chapter 7 bankruptcy? A chapter 7 debtor has three options when it comes to secured debt (debt secured by collateral, such as a mortgage or a car loan): To redeem the collateral or to
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What is a judicial lien? A judicial lien is a lien that gives a creditor an interest in real and personal property of a debtor based on an outstanding monetary judgment obtained by the creditor against the debtor. So, judicial liens are
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5 TIPS IF YOU ARE BEING SUED BY AN INSURANCE COMPANY FOR SUBROGATION If you caused an accident and did not carry adequate liability insurance, you may get sued by the other driver’s insurance company for subrogation, or reimbursement for what it
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