This site uses cookies to improve your experience. To help us insure we adhere to various privacy regulations, please select your country/region of residence. If you do not select a country, we will assume you are from the United States. Select your Cookie Settings or view our Privacy Policy and Terms of Use.
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Used for the proper function of the website
Used for monitoring website traffic and interactions
Cookie Settings
Cookies and similar technologies are used on this website for proper function of the website, for tracking performance analytics and for marketing purposes. We and some of our third-party providers may use cookie data for various purposes. Please review the cookie settings below and choose your preference.
Strictly Necessary: Used for the proper function of the website
Performance/Analytics: Used for monitoring website traffic and interactions
Is a car repossession looming in your future? Car repossession is one of the many reasons people contact the Indiana bankruptcy attorneys here at Sawin & Shea. Here’s some good news: You don’t have to just give up and allow your car to be repossessed. Don’t let a car repossession happen without talking to an attorney first.
In In re McCrorey , the debtors confirmed a chapter 13 plan, which required them to make payments for 60 months and provided no payments to unsecuredcreditors. Apparently, three years prior to the bankruptcy filing, the debtors had a vehicle repossessed by the bank.
They will feel obligated to protect their interest in the collateral (your car) and can move quickly to repossess after only a few missed payments. If you own a home the consequences of a judgment against you are more significant as judgment creditors can place liens against your home. Coronavirus Car Payment Relief Programs.
Creditors are prohibited from contacting you after your petition is filed. While bankruptcy law forces you to sell some assets to repay unsecuredcreditors, the majority of Americans keep all of their property because of bankruptcy limits on the categories of assets that may be used to settle debts.
If the payments were made to an insider creditor, the preference period changes from 90 days to within one year of filing. Secured vs. UnsecuredCreditor A secured creditor has a lien of some kind on a debtor’s property. Unsecuredcreditors lend money without any collateral. Family members.
If you are not, this test determines how much you are required to pay back to your unsecuredcreditors in a Chapter 13 reorganization. Instead, they’ll merely sell non-exempt property and assets to pay off a portion of debts to unsecuredcreditors. Indiana’s median income changes from year to year.
Whether you’re facing foreclosure , repossession, wage garnishments, or relentless creditor harassment, our expertise in bankruptcy law can offer the protection and relief you’ve been seeking. With secured debts, your creditors have the right to seize the collateral property if you default on payments.
These parties could foreclose or repossess the property securing the loans. They could lock you out of your location or repossess equipment. These creditors are not of equal importance. Low Priority: Unsecured Lenders and other Creditors. Unsecured lenders should generally be willing to defer payments.
Missing payments on secured debt causes the creditor to repossess the property as recourse. Some creditors issue bonds, which demand principal and interest payments. Secured Creditors. UnsecuredCreditors. The lower a creditor is on the list, the less likely it is to receive a payout during liquidation.
Common types of dischargeable debt include: Credit card debt Medical debt Judgements Utility bills Back rent Personal loans Repossession balances While Chapter 13 helps you repay certain debts and discharge remaining balances, not all forms of debt are dischargeable.
We organize all of the trending information in your field so you don't have to. Join 19,000+ users and stay up to date on the latest articles your peers are reading.
You know about us, now we want to get to know you!
Let's personalize your content
Let's get even more personalized
We recognize your account from another site in our network, please click 'Send Email' below to continue with verifying your account and setting a password.
Let's personalize your content