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

Cramdown Timing Condition Only Applies to Vehicle Bought for Personal Use

Wasson and ThornhillVehicle Loans

The 910-day condition on doing a vehicle debt cramdown only applies if the vehicle was “acquired for the personal use of the debtor.”   The Cramdown Advantage The last several blog posts have been about the advantages of Chapter 13 cramdown, especially the cramdown of vehicle loans. Cramdown can be an excellent way to keep your vehicle. It usually allows … Read More