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

Keep Your Vehicle by Reducing Loan Payments through Cramdown

Wasson and ThornhillVehicle Loans

Chapter 7 reaffirmation requires you to make full monthly vehicle payments. Consider reducing loan payments through cramdown in Chapter 13.   The last two blog posts have been about keeping your vehicle in a Chapter 7 case. Two weeks ago was about the benefits of reaffirming the vehicle’s loan. Last week was about possible ways of keeping the vehicle by … 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: Better Ways to Save Your Vehicle with Chapter 13

Wasson and ThornhillVehicle Loans

Chapter 7 can’t directly help much your vehicle loan. But Chapter 13 can: it can buy you much more time and likely lower your payments.   Problems to Solve Last week we addressed the kind of help Chapter 7 “straight bankruptcy” provides on your vehicle loan. Mostly it clears the deck of your other debts so that you can afford … 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