Debtors filing Chapter 13 bankruptcy are required to list all of their creditors in their schedules. There are three schedules in which the creditors are listed. These include Schedule D for secured creditors, Schedule E for priority creditors and Schedule F for unsecured creditors. Schedule D is where secured creditors are listed. Secured creditors include […]
In Chapter 13 bankruptcy, debtors sometimes pay automobile claims as part of their Chapter 13 plan. Creditors don’t begin receiving payments right away. The trustee usually begins disbursing payments after confirmation of the plan. This creates a problem for creditors holding claims secured by automobiles. Cars depreciate quickly which means that the creditor’s secured interest […]
Chapter 13 bankruptcy has many benefits for debtors. One of the greatest advantages is the ability to cram down automobile claims. Cramming down a claim means two things. First it means that the debtor can reduce the interest rate paid on an automobile claim provided for in the Chapter 13 plan. In the Northern and […]
When you purchase a vehicle, the lender usually retains a security interest in the vehicle. Having a security interest protects the lender against a loss if the borrower defaults on the payments. Once the default occurs, the lender can go and pick up the car. This is called repossession. But the borrower’s rights to the […]
If you watch the news you probably know that there have been a lot of foreclosures in recent years. As a result, Congress has pushed mortgage lenders to offer loan modifications to help people save their homes. A loan modification can be a good tool for changing the terms of a mortgage so that the […]