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Lesson 3

7 min

What Happens to Secured Debts in Bankruptcy?

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Chapter 7

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Lesson 8

Debts That Don’t Go Away in Bankruptcy

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Lesson 7

Other Options for Dealing with Secured Debt

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Lesson 6

Judgment Liens

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Lesson 5

Non-Purchase Money Security Interest Liens

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Lesson 4

Working Around Liens

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Lesson 3

What Happens to Secured Debts in Bankruptcy?

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Lesson 2

Understanding Secured Debts… It’s All About the Liens

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Lesson 1

Your Debts: An Introduction

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Before We Dive In

Chapter 1

Bankruptcy: A Few Things to Know Before We Get Started

Bankruptcy: A Few Things to Know Before We Get Started

The Basics of Chapter 7 Bankruptcy

Chapter 2

What Is Chapter 7 Bankruptcy, and What Can It Do for You?

What Is Chapter 7 Bankruptcy, and What Can It Do for You?

Types of Bankruptcy: Is Chapter 7 Right for You?

Types of Bankruptcy: Is Chapter 7 Right for You?

Alternatives to Bankruptcy

Alternatives to Bankruptcy

The Bankruptcy Process in a Nutshell

The Bankruptcy Process in a Nutshell

Mandatory Credit Counseling

Mandatory Credit Counseling

Determine Where to File

Determine Where to File

Fill Out and File Paperwork

Fill Out and File Paperwork

The Automatic Stay

The Automatic Stay

Creditor Objection Period

Creditor Objection Period

Financial Management Course

Financial Management Course

Transfer Property to the Trustee

Transfer Property to the Trustee

Receive a Discharge

Receive a Discharge

Are You Eligible?

Chapter 3

Eligibility: An Introduction

Eligibility: An Introduction

A Word for Veterans, Reservists & Business Owners

A Word for Veterans, Reservists & Business Owners

The Median Test

The Median Test

The Means Test Calculation

The Means Test Calculation

The Automatic Stay

Chapter 4

The Automatic Stay: Another Way to Say ‘Relief’

The Automatic Stay: Another Way to Say ‘Relief’

Your Property: What Can You Keep?

Chapter 5

Your Bankruptcy Estate: What’s Included, What’s Not

Your Bankruptcy Estate: What’s Included, What’s Not

Your Property Worksheets

Your Property Worksheets

Exemptions: The Key to Keeping Your Property (An Introduction)

Exemptions: The Key to Keeping Your Property (An Introduction)

How Exemptions Work

How Exemptions Work

Finding Your Exemptions

Finding Your Exemptions

Using Exemptions to Your Advantage

Using Exemptions to Your Advantage

Special Circumstance: You’re Named on Someone Else’s Bank Account

Special Circumstance: You’re Named on Someone Else’s Bank Account

Special Circumstance: Your Property Is Held in a Trust

Special Circumstance: Your Property Is Held in a Trust

Prebankruptcy Planning to Maximize Exemptions

Prebankruptcy Planning to Maximize Exemptions

Your House

Chapter 6

Equity and the Homestead Exemption

Equity and the Homestead Exemption

The Catch: If You’ve Bought Your Home Recently

The Catch: If You’ve Bought Your Home Recently

Tenancy by the Entirety States

Tenancy by the Entirety States

Foreclosure: An Introduction

Foreclosure: An Introduction

Loans vs. Liens

Loans vs. Liens

How Does Foreclosure Work? (And How to Benefit From the Process)

How Does Foreclosure Work? (And How to Benefit From the Process)

Foreclosure Defenses

Foreclosure Defenses

Will Bankruptcy Halt a Foreclosure?

Will Bankruptcy Halt a Foreclosure?

Should You File for Bankruptcy Before or After Foreclosure?

Should You File for Bankruptcy Before or After Foreclosure?

Foreclosure Avoidance

Foreclosure Avoidance

Foreclosure Alternatives

Foreclosure Alternatives

The Right of Redemption

The Right of Redemption

Your Debts

Chapter 7

Your Debts: An Introduction

Your Debts: An Introduction

Understanding Secured Debts… It’s All About the Liens

Understanding Secured Debts… It’s All About the Liens

What Happens to Secured Debts in Bankruptcy?

What Happens to Secured Debts in Bankruptcy?

Working Around Liens

Working Around Liens

Non-Purchase Money Security Interest Liens

Non-Purchase Money Security Interest Liens

Other Options for Dealing with Secured Debt

Other Options for Dealing with Secured Debt

Debts That Don’t Go Away in Bankruptcy

Debts That Don’t Go Away in Bankruptcy

Bankruptcy and Married Couples

Chapter 8

Bankruptcy and Married Couples: An Introduction

Bankruptcy and Married Couples: An Introduction

Community Property States

Community Property States

Common Law States

Common Law States

Divorce and Bankruptcy

Divorce and Bankruptcy

Getting Down to Business: Preparing & Filing Your Bankruptcy Petition

Chapter 9

Preparing & Filing Your Bankruptcy Petition: An Introduction

Preparing & Filing Your Bankruptcy Petition: An Introduction

If You Need Relief Immediately!

If You Need Relief Immediately!

Where Will You File for Bankruptcy?

Where Will You File for Bankruptcy?

Get Ready… Get Set… Get Everything in Order

Get Ready… Get Set… Get Everything in Order

Tips for Success

Tips for Success

Completing the Required Bankruptcy Forms

Completing the Required Bankruptcy Forms

Form 101: Voluntary Petition for Individuals Filing for Bankruptcy

Form 101: Voluntary Petition for Individuals Filing for Bankruptcy

Form 101A | Form 101B: Initial Statement About an Eviction Judgment Against You | Statement About Payment of an Eviction Judgment Against You (Required Only if Your Landlord Has Obtained an Eviction Judgment)

Form 101A | Form 101B: Initial Statement About an Eviction Judgment Against You | Statement About Payment of an Eviction Judgment Against You (Required Only if Your Landlord Has Obtained an Eviction Judgment)

Form 103A: Application for Individuals to Pay the Filing Fee in Installments (Required Only if You Wish to Pay Your Application Fee in Installments)

Form 103A: Application for Individuals to Pay the Filing Fee in Installments (Required Only if You Wish to Pay Your Application Fee in Installments)

Form 103B: Application to Have the Chapter 7 Filing Fee Waived (Required Only if You Wish to Have the Application Fee Waived)

Form 103B: Application to Have the Chapter 7 Filing Fee Waived (Required Only if You Wish to Have the Application Fee Waived)

Form 106 Declaration: Declaration About an Individual Debtor’s Schedules

Form 106 Declaration: Declaration About an Individual Debtor’s Schedules

Form 106 Summary: A Summary of Your Assets and Liabilities

Form 106 Summary: A Summary of Your Assets and Liabilities

Form 106A/B: Property

Form 106A/B: Property

Form 106C: The Property You Claim as Exempt

Form 106C: The Property You Claim as Exempt

Form 106D: Creditors Who Hold Claims Secured by Property

Form 106D: Creditors Who Hold Claims Secured by Property

Form 106E/F: Creditors Who Have Unsecured Claims

Form 106E/F: Creditors Who Have Unsecured Claims

Form 106G: Executory Contracts and Unexpired Leases

Form 106G: Executory Contracts and Unexpired Leases

Form 106H: Your Co-Debtors

Form 106H: Your Co-Debtors

Form 106I: Your Income

Form 106I: Your Income

Form 106J: Your Expenses

Form 106J: Your Expenses

Form 106J-2: Expenses for Separate Household of Debtor 2 (Required Only if a Married Couple Is Filing Jointly for Bankruptcy but Maintains Separate Households)

Form 106J-2: Expenses for Separate Household of Debtor 2 (Required Only if a Married Couple Is Filing Jointly for Bankruptcy but Maintains Separate Households)

Form 107: Statement of Financial Affairs

Form 107: Statement of Financial Affairs

Form 108: Statement of Intention (Required Only if Creditors Have Claims Secured by Your Property or You Have Leased Personal Property and the Lease Has Not Expired)

Form 108: Statement of Intention (Required Only if Creditors Have Claims Secured by Your Property or You Have Leased Personal Property and the Lease Has Not Expired)

Form 121: Your Statement About Your Social Security Numbers

Form 121: Your Statement About Your Social Security Numbers

Form 122A-1: Chapter 7 Statement of Your Current Monthly Income

Form 122A-1: Chapter 7 Statement of Your Current Monthly Income

Form 122A-1 Supp: Statement of Exemption From Presumption of Abuse Under § 707(b)(2)

Form 122A-1 Supp: Statement of Exemption From Presumption of Abuse Under § 707(b)(2)

Form 122A-2: Chapter 7 Means Test Calculation

Form 122A-2: Chapter 7 Means Test Calculation

Form 2010: Notice Required by 11 U.S.C. § 342(b)

Form 2010: Notice Required by 11 U.S.C. § 342(b)

Creditor Mailing List

Creditor Mailing List

Other Forms Required by Your Local Bankruptcy Court

Other Forms Required by Your Local Bankruptcy Court

Additional Documents That Might Be Needed

Additional Documents That Might Be Needed

How Do You File Your Forms?

How Do You File Your Forms?

You Filed…Now What?

Chapter 10

What Happens After Filing?

What Happens After Filing?

The 341 Hearing

Chapter 11

A Look at the 341 Hearing

A Look at the 341 Hearing

Managing Your Case

Chapter 12

You Found a Mistake: Amending Your Petition

You Found a Mistake: Amending Your Petition

You Want Out: Dismissing Your Case

You Want Out: Dismissing Your Case

You Want Back In: Reopening Your Case

You Want Back In: Reopening Your Case

When You Might Need to Hire an Attorney

When You Might Need to Hire an Attorney

Things That Could Complicate Your Bankruptcy Proceeding

Chapter 13

You Fail the Means Test

You Fail the Means Test

A Creditor Petitions to Have the Automatic Stay Lifted

A Creditor Petitions to Have the Automatic Stay Lifted

An Exemption Is Disputed

An Exemption Is Disputed

The Bankruptcy Discharge

Chapter 14

Understanding Your Bankruptcy Order of Discharge

Understanding Your Bankruptcy Order of Discharge

Life After Bankruptcy

Chapter 15

Things That Could Still Affect Your Case

Things That Could Still Affect Your Case

Getting Back on Track

Getting Back on Track

Conclusion

Chapter 16

Bankruptcy: A Final Word

Bankruptcy: A Final Word

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Bankruptcy: A Few Things to Know Before We Get Started

Eligibility: An Introduction

The Automatic Stay: Another Way to Say ‘Relief’

Bankruptcy and Married Couples: An Introduction

What Is Chapter 7 Bankruptcy, and What Can It Do for You?

Your Bankruptcy Estate: What’s Included, What’s Not

Your Debts: An Introduction

Equity and the Homestead Exemption

Preparing & Filing Your Bankruptcy Petition: An Introduction

A Look at the 341 Hearing

You Found a Mistake: Amending Your Petition

What Happens After Filing?

You Fail the Means Test

Understanding Your Bankruptcy Order of Discharge

Bankruptcy: A Final Word

Before We Dive In

Getting Your Head in the Game: Thinking Like a Trustee

Sizing Things Up: Should You Take the Job?

Getting Organized

Getting Help: Assembling Your Team

Getting to Work: A Checklist

Providing Accountings

Investing Trust Assets

A Word About Businesses

Distributing Property

Terminating the Trust

Trust Administration: A Final Word

What Is Estate Planning and Why Is It Important?

Estate Planning: A Few Things to Know Before We Get Started

How the Rest of This Course Is Organized: A Bird’s Eye View

Eight (or Nine) Estate Planning Documents Every Adult Needs

Understanding Your Will

How to Get Property Into a Trust

Disinheriting Someone

Things People Think Are Covered by Their Will or Trust, but May Not Be

What Are Estate Taxes and Will Your Estate Have to Pay Them?

The Disposition of Remains Document

The Durable Power of Attorney Document

Guardianship Designation for Minors

Three Health Documents Every Adult Needs: An Introduction

The Digital Diary

Reviewing Your Documents

Foreclosure Avoidance

Establish a Bank Account

Foreclosure Alternatives

Let the IRS Know You’re in Charge

The Right of Redemption

Notify the Beneficiaries

Send Notifications of Death

Get Property Titled in Your Name as Trustee

Determine What Happens to Property Outside the Trust

Open Probate (If Necessary)

Use a Probate Short-Cut (If the Estate Qualifies)

Collect Payables: Beneficiary & Pay-on-Death Proceeds

Tax Deferred Retirement Plans

Pay-on-Death Assets

A Few Other Things to Know

Pay Debts and Creditor Claims

A Word for Veterans, Reservists & Business Owners

Community Property States

Types of Bankruptcy: Is Chapter 7 Right for You?

Your Property Worksheets

Understanding Secured Debts… It’s All About the Liens

The Catch: If You’ve Bought Your Home Recently

If You Need Relief Immediately!

You Want Out: Dismissing Your Case

A Creditor Petitions to Have the Automatic Stay Lifted

Things That Could Still Affect Your Case

Your Number One Rule: The Fiduciary Duty

What Is a Trust and How Does It Work?

Order Copies of the Death Certificate

Taxes You May Pay as Trustee

Personal Property

What Is Probate and Should You Avoid It?

What Happens if Something Gets Left Out of a Trust?

Subsequent Marriages and Blended Families

Other Ways to Avoid Probate

How to Reduce or Avoid Estate Taxes

Other “Non-Legal” Things That Can Help Your Loved Ones

The Problem with Adding an Adult Child to Your Bank Account

The Health Care Power of Attorney

How to Sign Your Documents

The Median Test

Common Law States

Alternatives to Bankruptcy

Exemptions: The Key to Keeping Your Property (An Introduction)

What Happens to Secured Debts in Bankruptcy?

Tenancy by the Entirety States

Where Will You File for Bankruptcy?

You Want Back In: Reopening Your Case

An Exemption Is Disputed

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