Will Filing Chapter 13 Lower My Car Payment? - Bankruptcy Questions Answered

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Will Filing Chapter 13 Lower My Car Payment? Call (703) 967-3315 or visit https://fishersandlerlaw.com​​​ and ask us about our 👉$0 Down Bankruptcy Program today.👈

Fisher-Sandler has been helping people get out of debt since 1999. We’ve helped thousands of clients file for bankruptcy and we can help you too! Our experienced attorneys have successfully handled thousands of chapter 7 and chapter 13 cases in Northern Virginia.

If you are tired of being harassed by creditors, or if your financial situation is causing stress on your family, then it may be time to consider filing bankruptcy under the U.S. Bankruptcy Code. You can stop harassing calls from creditors today! Get a fresh start with zero down payment for chapter 7 bankruptcy filing at Fisher-Sandler!

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Your best chance of reducing your car payment is through Chapter 13 bankruptcy. In Chapter 13, your car loan will become part of your bankruptcy plan which will be paid by your trustee. Your car payment could remain the same, but you can reduce a high interest rate (typically down to ~4%), and you can even reduce the principal balance of a car loan if (a) the value of the vehicle is less than the balance owed and (b) the vehicle was purchased at least 910 days prior to filing your Chapter 13.

This is known as a “cram down.” In a cram down, if the balance of your loan is more than your car is worth, then you can pay back the balance based on the current value rather than the contracted loan balance. This could decrease the amount you owe considerably and thereby lower your payment.

In Chapter 13 bankruptcy, you get to keep your car and pay off your car loan through a repayment plan. Further, you may even be able to reduce the principal balance and interest rate on your car loan. Read on to learn more about what happens to your car in Chapter 13 bankruptcy.

According to bankruptcy attorneys, Chapter 13 is the best option to reduce car payments. In the Chapter 13 bankruptcy or the wage earner’s plan, your auto loan is a part of your bankruptcy plan, and it will be paid by the trustee. You can lower the interest rate (down to ~4%) and principal balance of an auto loan in the wage earner’s plan

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