Chapter 13 in the Bankruptcy Code (1978 as amended) marks the first time that virtually all secured debts can be somewhat altered in a bankruptcy without getting the specific agreement of security holders. Real benefit is provided to the debtors who have personal property with secured loans due. Concepts including the automatic stay preventing enforcement or perfection of a security holder’s rights, turnover of personal property from a secured creditor, and lien avoidance are all basic bankruptcy rights helping Debtors in Chapter 13 that did not exist before in bankruptcy. This outline explains the balance . . .
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