When finances spin out of control, creditors become aggressive. Bankruptcy is designed to help you keep your automobile, even if you've fallen behind on car loan payments.
Filing Chapter 13 bankruptcy is a popular alternative for people whose income is barely enough to make ends meet, and are facing repossession, lawsuits, and other debt collection tactics.
By filing Chapter 13 bankruptcy, you may be able to have all of your debts consolidated into a single court-protected repayment plan. Many people are able to have their total amount of debt reduced, including their car loan amount.
To learn more about how Chapter 13 bankruptcy could save your car, speak with a bankruptcy attorney today. Simply fill out the form below to arrange a free, no-obligation consultation.
As a general rule, individuals who file for Chapter 13 bankruptcy get a chance to keep their property. The bankruptcy court creates an affordable plan to repay debts, which lasts 3 to 5 years. This payment must be made in addition to any regular loan payments.
A key benefit of filing for Chapter 13 is the automatic stay. In a nutshell, features of the automatic stay include:
So, what is this court-ordered repayment plan? Briefly, it is a new payment plan that allows you to reorganize your debts in a fashion that allows you to make reasonable payments while still affording to make basic living expenses.
In order to qualify for Chapter 13 bankruptcy, a filer must meet a couple requirements. First, he or she must have a regular source of income. In addition, this income must be healthy enough to allow for payments on debt while supporting necessary living experiences.
Finally, the bankruptcy filer must fall within specific limits for secured and unsecured debts. A local attorney can help you determine these limits in your state.
If you do qualify, many people who file for Chapter 13 bankruptcy find that it can help them with:
To learn more about Chapter 13 bankruptcy, call a local bankruptcy lawyer today. Take the next step by filling out the free case review form below.