Secured Debt + Car Loan + Mortgage + Home Equity Loan

Article

In the midst of these difficult times, it can be hard to keep up with all the expenses. Thousands are losing their jobs every month, but the bills still keep coming. Falling behind on payments for any type of vehicle happens to the best of us. Sometimes life deals you adversity that you didn't expect. You don’t have the money for it, but if you put off paying the car payment, you can get some other bills paid, and hope that you can catch up next month. Many justify the decision because it could only cost a late charge.

Article

The process of bankruptcy offers debtors a clean slate when they are overwhelmed by financial burdens. Once a bankruptcy case is completed, however, the debtor will still need basic possessions and assets to move their life forward. Fortunately, the Bankruptcy Code recognizes these basic needs and provides a variety of property exemptions for debtors. If property is exempt, it will not be subject to the seizure of creditors.

Under new bankruptcy law, a debtor will be required to submit a schedule or list of exempt property when they file the bankruptcy petition.