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

A Handy Summary to Chapter 7 vs. 13 for Your Secured Debts

Wasson and ThornhillSecured Debts

Here is a handy summary of when to reaffirm your secured debt (like a vehicle loan) under Chapter 7 vs. cramming it down under Chapter 13.   The last 4 weeks of blog posts have been about options for keeping collateral through Chapter 7 and Chapter 13. Mostly these options have involved reaffirming a secured debt in Chapter 7 or … 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