Example of Vehicle Loan Cramdown

Wasson and ThornhillVehicle Loans

This example of Chapter 13 vehicle loan cramdown illustrates better than any list of rules how you can save money immediately and long-term.   Our last 3 blog posts have been about Chapter 13 cramdown of a vehicle loan. Cramdown can reduce your loan’s monthly payments, its interest rate, and the total you pay for your vehicle. Often you end … Read More

Reaffirm Your Vehicle Loan in Chapter 7

Wasson and ThornhillVehicle Loans

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

Unexpected Benefit: Vehicle Loan Cramdown, Illustrated

Wasson and ThornhillVehicles & Bankruptcy

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

Unexpected Benefit: Dealing with Your Vehicle Loan in Bankruptcy

Wasson and ThornhillVehicle Loans

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

Unexpected Benefit: Get Back Your Just Repossessed Vehicle

Wasson and ThornhillVehicle Loans

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