Chapter 13 Car loan in Bankruptcy
My name is Ron Drescher. I’m an attorney practicing bankruptcy and creditors’ rights in Maryland, Delaware, Pennsylvania and Virginia and today I want to talk about another reason why you may want to file Chapter 13 and it has to do with your car. Let’s say you’ve got a car that’s worth $15,000.00, but you owe $25,000.00 and the payments are just way too high. If you’ve had the car at least 910 days then you could use Chapter 13 to reduce the amount you owe on the car to the value of the car and then spread that out over 60 months. You could cut your car payments in half if you do it the right way. This is the way that you can really help to reduce your monthly expenses and make your life a lot more manageable regarding a very high car loan. My name is Ron Drescher, I’m an attorney practicing bankruptcy and creditors’ rights and if you’ve got a car loan that’s killing you and you’ve had that car for 910 days, please pick up the phone and call me. I would love to hear from you. And if you have a car loan that’s causing you distress and you’ve had the car for a little while, please pick up the phone and call me. I would love to hear from you.