Photo by Xan Griffin on Unsplash. Vehicle loan cramdown lowers your monthly payment and reduces the total you pay for your vehicle. You have to qualify, and timing is crucial. We’re in the midst of a series on filing your bankruptcy case with the best timing. Today we get into the right timing to be able to cram down your … Read More
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
With Chapter 13 vehicle loan cramdown, you don’t have to pay any late payments. And that’s on top of reducing your future monthly payments. Our last two blog posts have been about lowering monthly vehicle loan payments through Chapter 13 cramdown. This also often reduces the total that you pay on the loan until your vehicle is free and … Read More
If your vehicle is worth less than you owe on it, with good timing cramdown could reduce your monthly payment AND the total amount you pay.
Chapter 13 vehicle loan cramdown solves a number of serious practical problems that even Chapter 7 “straight bankruptcy” can’t.
If you want secured creditors to be paid in your Chapter 13 plan, they must file proofs of claim. Let’s use the example of a vehicle loan.
Keeping a vehicle and its debt is sometimes not the best option. Chapter 7 and Chapter 13 can both give you a safe way out.
If your vehicle is worth less than you owe, Chapter 13 “cramdown” can reduce your monthly vehicle payment and the total you pay on the loan.
The second scenario, the Chapter 13 solution for keeping a vehicle if you’re behind on payments.