Law Office of Daren A. Webber
Call Now! 845-615-9108 (Office) 845-776-0201 (Cell)
134 West Main Street
2nd Floor
Goshen, NY 10924
ph: 845-615-9108
alt: 845-776-0201
webberla
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- DOES NEW YORK LAW ALLOW FOR FEDERAL EXEMPTIONS?
- WHAT IS THE NEW YORK STATE HOMESTEAD EXEMPTION?
- How long will it take to repair my credit after bankruptcy?
- Should I consider a debt settlement program?
- How can I get rid of my second mortgage?
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- What different types of bankruptcy cases should I consider?
- What will happen to my home and car if I file for bankruptcy?
- Do I still owe secured debts (mortgages/car loans) after bankruptcy?
- Can student loans be part of my bankruptcy?
- Can personal taxes be part of my bankruptcy?
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Daren A. Webber, New York Bankruptcy Lawyer
Serving Orange County New York
- Question: Do I Still Owe Secured Debts (Mortgages, Car Loans) After Bankruptcy?
Yes and No. The term ‘‘secured debt’’ applies when you give the lender a mortgage, deed of trust, or lien on property as collateral for a loan. The most common types of secured debts are home mortgages and car loans. The treatment of secured debts after bankruptcy can be confusing. Bankruptcy cancels your personal legal obligation to pay a debt, even a secured debt. This means the secured creditor can’t sue you after a bankruptcy to collect the money you owe. But, and this is a big ‘‘but,’’ the creditor can still take back their collateral if you don’t pay the debt. For example, if you are behind on a car loan or home mortgage, the creditor can ask the bankruptcy court for permission to repossess your car or foreclose on your home. Or the creditor can just wait until your bankruptcy is over and then do so. Although a secured creditor can’t sue you if you don’t pay, that creditor can usually take back the collateral. For this reason, if you want to keep property that is collateral for a secured debt, you will need to catch up on the payments and continue to make them during and after bankruptcy, keep any required insurance, and you may have to reaffirm the loan.
Bankruptcy may be your best option.
The use of the internet or this forum for communication with the Law Office of Daren A. Webber does not establish an attorney-client relationship. The information provided is strictly for educatinal purposes.
Orange County NY Bankruptcy Lawyer also serving the following New York areas: The Hudson Valley, NY; Chester, NY; Florida, NY; Goshen, NY; Monroe, NY; Harriman, NY; Cornwall, NY; Maybrook, NY; Highland Falls, NY; Greenwood Lake, NY; Middletown, NY; Montgomery, NY; Newburgh, NY; Otisville, NY; Port Jervis, NY; Blooming Grove, NY; Tuxedo, NY; Unionville, NY; Walden, NY; Warwick, NY; Washingtonville, NY; Woodbury, NY; Spring Valley, NY; Airmont, NY; Suffern, NY; Chestnut Ridge, NY; Montebello, NY; Nyack, NY; Piermont, NY; New City, NY; Hillsdale, NY; Rockland County, NY; Westchester County, NY; Dutchess County, NY; Amenia, NY; Annandale, NY; Arlington, NY; Bangall, NY; Barrytown, NY; Beacon, NY; Beekman, NY; Billings, NY; Castle Point, NY; Chelsea, NY; Monticello, NY; Clinton Corners, NY; Dover Plains, NY; Fishkill, NY; Glenham, NY; Holmes, NY; Hopewell Junction, NY; Hughsonville, NY; Hyde Park, NY; LaGrange, NY; Milan, NY; Millbrook, NY; Millerton, NY; North East, NY; Pawling, NY; Pine Plains, NY; Pleasant Valley, NY; Poughkeepsie, NY; Poughquag, NY; Red Hook, NY; Rhinebeck, NY; Rhinecliff, NY; Salt Point, NY; Staatsburg, NY; Stanford, NY; Stanfordville, NY; Stormville, NY; Tivoli, NY; Union Vale, NY; Verbank, NY; Wappingers Falls, NY; Washington, NY; Wassaic, NY; Wingdale, NY; Central Valley, NY; Sullivan County, NY and Montgomery County, NY; Bronx, NY; Brooklyn, NY; Queens, NY; Manhattan, NY; Staten Island, NY; Sugar Loaf, NY
Bankruptcy may be your best option.
Important notice required by Federal Law:
We are a debt relief agency pursuant to Federal Law §524 of Title 11 of the US Code. We provide legal assistance and help people file for bankruptcy relief under the Bankruptcy Code.
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134 West Main Street
2nd Floor
Goshen, NY 10924
ph: 845-615-9108
alt: 845-776-0201
webberla
