Briarcliff, TX Bankruptcy Law Firms & Lawyers

The answer depends on your agreement with the provider, the rate of interest, whether it was first imposed by the provider or the collector, and whether if the latter notice of the proposed addition of interest was given. An attorney has to review the facts to give a precise answer.

If the persons who lent you the money to purchase the trailer hold a lien against it then they are protected. You must continue to make the payment to them or they have the right to seize the trailer as payment. The balance would be discharged. If they do not hold a lien then your only option is to claim the trailer exempt under the tools of the trade exemption, which has a $10,000 limit.

A chargeoff is merely a bookkeeping entry.  It has nothing to do with whether or not you still owe a debt, or whether the creditor can take collections actions on it. Student loans are generally not dischargeable in bankruptcy.   You can seek an "undue hardship" discharge of the student loans by filing a complaint in your bankruptcy case, but the criteria you need to prove for this is very difficult. There are also non-bankruptcy alternatives, such as doing income-based repayment plans, but you have to get your loans out of default first in order to take advantage of such programs. I suggest having a consultation with a bankruptcy attorney in your area who is experienced with student loan litigation, to evaluate your options more fully. Mark Markus has been practicing exclusively bankruptcy law in California since 1991.  He is a Certified Specialist in Bankruptcy Law by the State Bar of California Board of Legal Specialization,  AV-Rated by martindale.com, and A+ rated by the Better Business Bureau.