Sentences with phrase «behind on their secured debt»
Chapter 13 is typically chosen by people who have fallen behind on their secured debt payments and want to propose a plan to catch up on the payments over time and keep their property.
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Chapter 13 allows you to repay secured debts, even if you're behind on payments, without having your property seized.
If you have some secured debts (those which you have obtained by placing collaterals), and if you are behind on your bills, the creditor may ask the court to raise the «automatic stay» in order to repossess or foreclose on your property.
If you are so far behind on your payments that you are afraid the lender will repossess the asset secured by your loan, and you fear that bankruptcy may be the ultimate result, re-negotiating the debt may be an alternative to bankruptcy.