filing chapter 7 bankruptcy
Question Details: I am filing out the paperwork for chapter 7 bankruptcy myself as I cannot find a pro bono attorney in my area and I am a recently divorced single mother of 4 who was layed off from my only source of income in February. I voluntarily surrendered a vehicle and it is now in collections, would this be listed under the secured or unsecured debt portion of the paperwork.
Bankruptcy Law Answers
If the vehicle you surrendered has been sold, and what is in collections is the unpaid balance of the loan after the sale money was taken off, that's unsecured debt. If you still had the car, the loan would be secured debt.
Secured debt is a loan that has collateral, such as a car loan or a home equity loan. The lender has what is called a "security interest" in the collateral. Any debt that doesn't have collateral, such as a credit card account, is unsecured.
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