File bankruptcy before your lender takes your vehicle. But if you couldn’t, bankruptcy may still get back your just-repossessed vehicle. When Does a Lender Repossess a Vehicle? When CAN a vehicle lender repossess your vehicle? Just about all vehicle loan contracts let the lender repossess the minute you are late on a payment. There may be a legal grace … Read More
If you get behind on payments on your vehicle or home, in many different situations Chapter 7 buys you the time you need. In the last several weeks of blog posts we’ve given many examples of how bankruptcy can buy you time for your vehicle and for your home. Here’s a summary how a Chapter 7 “straight bankruptcy” filed … Read More
Chapter 13 vehicle loan cramdown solves a number of serious practical problems that even Chapter 7 “straight bankruptcy” can’t.
If you’re buying a vehicle, sometimes getting out of the contract is your best option. Chapter 7 lets you do that, owing nothing.
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.
The second scenario, the Chapter 13 solution for keeping a vehicle if you’re behind on payments.
You can save your vehicle with Chapter 7 if you can quickly catch up. But if you can’t, consider Chapter 13.
A vehicle lease can cost you less up front and monthly, but in fact is often the most expensive option. Bankruptcy is your escape clause.
Here’s some of the very good news you might hear if you followed up on your New Year’s resolution to go see a bankruptcy attorney.
Do you absolutely need to keep your vehicle, but can’t afford the monthly payments? See if you qualify for a “cramdown.”
Even a simple Chapter 13 case can do some very special things.
File under Chapter 7 if you don’t need lots of help keeping your vehicle. File under Chapter 13 if you do.
Saving the vehicle sometimes is not the best option, so Chapter 7 bankruptcy gives you a safe way out.
Chapter 13 protects you while you catch up on your vehicle loan, or you may not need to catch up on that loan at all.
Bankruptcy can protect your car or truck. Both Chapter 7 and 13 can, but which do you need?