Peter is employed as a shop electrician for ABC, Inc Peter has a car being repaired and a home on which he is paying mortgage payments. Peter is contemplating filing for bankruptcy, but he is not sure which type of petition to file. Peter also wonders

whether the auto repair costs and the mortgage payments are dischargeable. Which bankruptcy filing is most appropriate for Peter? Are Peter's debts dischargeable?

?While it could be argued that Peter could qualify for Chapter 7, 11 or 13, it seems most appropriate for Peter to file a Chapter 13 action. Peter is an individual debtor with a regular income. Only two debts seem to be causing the bulk of Peter's concerns. The auto expenses and the mortgage payments possibly could be resolved through creating or modifying time payments. Even though the auto shop and the mortgage company have not agreed to time payments or a modification of existing time payments, they will be subject to such changes upon court approval of a Chapter 13 plan. It should be noted that both the auto repair shop and the mortgage company have security interests in Peter's car and home, respectively. Accordingly, neither party need fear a potential loss by way of Peter's bankruptcy, assuming that their respective security interests are sufficient in value to cover the debts Peter owes them.