To keep your vehicle and be able to afford to pay for it, reaffirm your vehicle loan in Chapter 7 and discharge your other debts. A Vehicle Loan is a Secured Debts We started this series of blog posts on debts by introducing secured debts as follows: Each of your debts is either secured by something you own or it … Read More
Chapter 13 can often give you the ability to reduce both your monthly payment and the total you pay on your vehicle loan. Here’s how it works. Cramdown in Chapter 13 Last week we introduced cramdown as an extremely helpful tool for reducing the cost of your vehicle loan. Cramdown can often: Reduce your monthly payments—sometimes significantly. Reduce the … Read More
Bankruptcy gains you lots of leverage with your vehicle loan. Chapter 7 helps simply by getting rid of most or all of your other debts. Here’s the Problem You’re paying on a car or truck. You absolutely need this vehicle for getting to work, and to keep your life going. You can’t do without it. But you’re having trouble … Read More
File bankruptcy before your lender takes your vehicle. But if you couldn’t, bankruptcy may still get back your just-repossessed vehicle. When Does a Lender Repossess a Vehicle? When CAN a vehicle lender repossess your vehicle? Just about all vehicle loan contracts let the lender repossess the minute you are late on a payment. There may be a legal grace … Read More
Sometimes, even if what you bought is legally collateral on a debt, you can just write off and not pay the debt yet keep what you bought.
Stop secured creditors from taking your property, unsecured debts from turning into secured ones. Keep or surrender collateral as you wish.
Want to keep your leased vehicle but aren’t current on the payments? File a Chapter 13 case if you can’t get current right away.