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However, which type of bankruptcy you file will also depend on what kind of debt you have. Secured and unsecured debt is handled differently in Chapter 7 vs. Chapter 13. What is SecuredDebt? Secureddebts are a type of debt backed by an asset that is used as collateral. What is Unsecured Debt?
The main disadvantage of Chapter 7 bankruptcy is that anything subject to a security interest is not exempt (home, automobile) and can be seized to satisfy the debt connected to the specific item. What Debts are Discharged in Bankruptcy? After Filing for Bankruptcy, am I Still Able to Own Property?
Three Types of Chapter 10 Plans: “Residence” and “Property” Plans for Repayment of SecuredDebts and General Repayment Plans for Unsecured Debts. Residence and property plans under the CBRA allow consumers to change loan interest rates, adjust amortization schedules, and cure defaults.
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