Chapter 7 and Your Vehicle Loan or Lease

Wasson and ThornhillVehicle Loans

vehicle alone in parking lot

Photo by Erik Mclean on Unsplash. A timely Chapter 7 filing helps in diverse situations with your vehicle loan or lease. Check out these 7 ways Chapter 7 gives you big advantages. We’re in a series on the smart timing of your bankruptcy case. Last week we got into filing bankruptcy to stop a vehicle repossession or surrender. We referred … 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

Reaffirming a Secured Debt in Chapter 7

Wasson and ThornhillSecured Debts

You are allowed to exclude a secured debt—to keep your vehicle or furniture, for example—by reaffirming and not discharging the debt.   Last time we got into debts that you might voluntarily pay after a Chapter 7 case out of personal obligation. Today we cover debts voluntarily paid but for the purpose of keeping the collateral that’s securing the debt. … Read More