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What Happens to Secured Debt?

April 26, 2017happens secured debt

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What Happens to Secured Debt?

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All secured debt repayments, such as the mortgage, motor homes, boats and car loans, will need to be paid on the exact same terms as before. Should the borrower fail to make repayment, lenders can seek relief from the right to stay. This means that the item that the loan is secured on can be repossessed. Read on Chapter 13 Bankruptcy Questions and Answers How to File Bankruptcy Under Chapter 13 Filing for Bankruptcy and Non-Exempt Assets It is beyond the scope of this chapter 13 bankruptcy FAQ to cover how each debt is dealt with so be sure to consult a qualified attorney before proceeding.