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

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

Reaffirmation of a Non-Current Debt

Wasson and ThornhillVehicle Loans

In theory the terms of a reaffirmation agreement are negotiable. But many creditors require you to be current on the debt to reaffirm it.   Two blog posts ago we introduced reaffirmation agreements, and in the last one we discussed their risks. Today we get into what happens if you are not current on a debt that you want to … Read More