Certain protected expense can be loaded down. A protected personal debt happens when you are taking out that loan or borrow funds buying an actual physical piece of possessions such as for instance a house or car. With a guaranteed financial obligation, the financial institution could possibly repossess the home when the scheduled repayments commonly produced. Widely known safeguarded personal debt individuals have is mortgages and you will car fund. From inside the a section thirteen case of bankruptcy, you can stuff off your car or truck loan, money spent mortgage loans, or other individual possessions.
An important thing to note: you cannot cram down a mortgage on your primary place of residence, meaning your regular home loan may not be reduced in a Chapter 13 bankruptcy, but through your Chapter 13, we create a plan to cure mortgage arrears on your primary place of residence through your Chapter 13 repayment plan. Continue reading
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