Secured Debt, Unsecured Debt and Bankruptcy

Some of the most common questions in bankruptcy relate to cars, student loans and possible pending lawsuits. There aren’t really cut and dried answers to these questions, because each depends completely on your unique financial circumstances.

Motor vehicles — Usually, if you want to keep your vehicle you can. That said, it isn’t always the best financial decision in the long run. If you entered into an auto loan and owe more on a car than it’s actually worth, you may be able to “roll-over” the negative equity owed on a trade-in car in an incredibly beneficial financial move.

Pending lawsuits — People who owe unmanageable debts often aren’t able to make payments on time. If the delinquency goes long enough, these past due amounts can result in lawsuits and creditor harassment. While the action taken in the wake of a bankruptcy can vary, creditors cannot go to court over debts if you file for bankruptcy.

Student loans — Except in rare circumstances, you cannot discharge the debt of student loans as they are exempt from discharge. If, however, you can demonstrate an income stream, a Chapter 13 bankruptcy can allow you to reorganize debt and pay off past due loans over a period of years.

As an attorney, I’ve helped hundreds of clients with these issues, and I’m ready to take my comprehensive knowledge honed in more than 20 years of practice to help you arrive at an ideal outcome.

To schedule a free initial consultation to discuss secured debt, unsecured debt and bankruptcy with Nassau County, New York, lawyer Scott R. Schneider, call (516) 433-1555 or e-mail him here.

I am a federally designated debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.