The length of the payment plan under a Chapter 13 plan can be three to five years, depending on the debtor’s family income.

A financing statement must include the creditor’s signature.

Any breach of the terms of the security agreement can constitute default.

A buyer’s failure to cover will bar him or her from using any other remedies available under the UCC.​

Once default has occurred and the secured party has obtained possession of the collateral, the secured party has no more options.​

The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.

No state allows a defaulting debtor to redeem the property before a foreclosure sale.

A debtor’s vehicle is never exempt from satisfaction of a judgment debt.

A creditor’s composition agreement is usually held to be enforceable.

Personal property that is most often exempt from satisfaction of judgment debts does not include equipment that the debtor uses in a business or trade.