Anatomy of the American Airlines Bankruptcy

A corporation files a Chapter 11 business “reorganization” and tends to be seen as engaging in proactive strategic planning. A human being files a Chapter 13 consumer “adjustment of debts” and tends to be seen as an irresponsible failure. Let’s think about this from the perspective of American Airlines bankruptcy filing of last year, which […]

Keeping Vehicles That You Owe On in a Chapter 7 Bankruptcy

Chapter 7 is the take-it-or-leave-it bankruptcy when it comes to your vehicle with a loan against it. In most cases you either keep on making the payments or you surrender the vehicle, nothing much in between. To be clear I’m talking here about a vehicle that you owe on, with the lender as a lienholder […]

Keeping Everything You Own Through Chapter 13 Bankruptcy

One good reason that people filing Chapter 7 don’t lose any of their stuff to the bankruptcy trustee—if they did have something to lose, they would likely have filed a Chapter 13 instead. How does Chapter 13 protect what you’d otherwise lose in a Chapter 7 “straight bankruptcy”? As I said at the beginning of […]

Keeping Everything You Own in Bankruptcy

You want to know: “Can I really keep everything I own if I file bankruptcy?” A two-part answer: 1) Yes, you can, usually, keep those possessions that are all yours (you don’t owe any money on them).  2) Yes, you can, usually, keep those particular possessions on which you are making payments to a creditor […]

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