Car Repossessed We Can Get It Back

If Chapter 13 is advisable, you’ll still need to move quickly.  Once the lender sells the car, it’s too late.  In Chapter 13, you can compel the lender to return the car.

In Chapter 13, You Can Also Do the Following:

1. Interest Rates  Cram down the interest to 5% – 6% (as of the date of this article).  If you’re paying 12% – 25%, this reduction will likely save you thousands.

2. Reduced Principal (maybe)  To qualify for this, you must have owned the vehicle for more than 2.5 years.  If so, you can reduce the loan balance, and only pay an amount equal to the current value of the vehicle.  Since most cars depreciate faster than the loan balance, vehicle loans are frequently “under water.”

3. Time To Pay the Loan  Extend the loan term to as much as 5 years, if necessary.  Often car loans are actually paid off faster, because of better loan terms.

If you think a Chapter 13 Bankruptcy might be in your best interests, consider exploring the other possible advantages of filing.



Other Benefits of Chapter 13

Legal Disclaimer

For additional information on the surge in sub-prime auto loans, check out this Bloomberg Article.

Serving the following Bay Area cities:

Alameda, Albany, Antioch, Atherton, Belmont, Benicia, Berkeley, Brentwood, Brisbane, Burlingame, Campbell, Colma, Concord, Cupertino, Daly City, Danville, Dublin, El Cerrito, Emeryville, Foster City, Fremont, Gilroy, Half Moon Bay, Hayward, Hillsborough, Lafayette, Livermore, Los Altos, Los Gatos, Martinez, Menlo Park, Millbrae, Milpitas, Moraga, Morgan Hill, Mountain View, Newark, Novato, Oakland, Orinda, Palo Alto, Petaluma, Pinole, Pittsburg, Pleasant Hill, Pleasanton, Redwood City, Richmond, San Bruno, San Carlos, San Francisco, San Jose, San Leandro, San Mateo, San Pablo, San Rafael, San Ramon, Santa Clara, Sausalito, South San Francisco, Sunnyvale, Tiburon, Union City, Vallejo, and Walnut Creek.