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How are secured debts treated in Chapter 7 bankruptcy?

Secured debts are debts that have some sort of property pledged as security. When you get a loan to buy a car or a house, you take out a secured loan.  The car or the house is the security or collateral for the loan.  Secured debts can either be wiped…

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What is a Reaffirmation Agreement?

In chapter 7 bankruptcy cases you may be asked to sign a reaffirmation agreement for a loan, secured by collateral, that you wish to keep such as a vehicle, furniture, etc. A reaffirmation agreement is an agreement that says you want to keep the vehicle or the furniture and you…

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Can I Pay And Keep My Credit Cards After I File Bankruptcy?

Can you pay your credit cards after filing bankruptcy?  Of course. You can pay anyone you want to pay. But should you? Let’s explore whether first of all you can keep them, and second if you have anything to gain by paying debts that were wiped out by the bankruptcy…

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Must I be current on my house to file chapter 7 bankruptcy?

Yes and No. In most cases as long as you are up to date on your house payments you can keep your home. If you are not current, the bankruptcy filing protects the home from foreclosure and this could give you the time you need to get caught up, if…

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Must I be current on my car to file chapter 7 bankruptcy?

Yes and No.  In most cases as long as you are up to date on your vehicle payments you can “reaffirm” the debt and keep your vehicle. The finance company has to agree to allow you to keep the vehicle and they will always agree if you are current. If…

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