Keeping a car in a Chapter 13 Bankruptcy

Another of the frequently asked questions that we hear is "Will I be able to keep my car if I file a Chapter 13 Bankruptcy?" There are several different ways that a car loan can be treated in a Chapter 13 bankruptcy depending on how long ago you bought the car, whether the loan was to purchase the car or if you borrowed against the car later and the value of the car. Depending on how long ago you bought the car, you may be able to lower the total amount that has to be paid on a car loan through a Chapter 13 bankruptcy. Depending on your interest rate, you may be able to lower the amount that you have to pay in interest. You may also be able to lower the monthly payment amount in a Chapter 13 bankruptcy. Only an experienced bankruptcy attorney will be able to determine what option is the best for you in a Chapter 13 bankruptcy. Give us a call today at 340-3100 and we will meet with you to discuss what is the best option for you.

Edrie Pfeiffer
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Edrie Pfeiffer, Bankruptcy & Divorce Attorney