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Should my car loan should be listed as a "Secured" claim? As Ive stated earlier, the car loan is my main debt, as the car itself is worth maybe half of the value of the loan.
I'm so confused...if my car is a "secured debt", Im not sure if I even qualify for Chapter 7...but I am surrendering the car, so will that make it an unsecured debt?
Sorry about all the posts, I'm just trying to get this all done!
I'm so confused...if my car is a "secured debt", Im not sure if I even qualify for Chapter 7...but I am surrendering the car, so will that make it an unsecured debt?
Mortgages and cars are secured debts, that does NOT 'disqualify' you from filing Ch 7 bankruptcy. The car REMAINS as secured debt whether you're surrendering it or not and should be listed as such on your schedules. I told you that on your last post.
Get a copy of the Nolo Press book on Ch 7 bankruptcy. Chances are the library won't have the most recent edition covering the new law.
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