Save Your Car With Chapter 13 Bankruptcy
If you are just too deep into debt and are unable to get out, bankruptcy might be your final option. If you are struggling to make a car payment, you might be worried about losing it. Chapter 13 bankruptcy might be what you need to be able to pay off your car. In fact, even if your car has been repossessed (but not yet sold), a bankruptcy can force the lender to return your car to you.
At Thompson Law Group, P.C., we have been helping people in the Pittsburgh, Pennsylvania, area file for Chapter 13 bankruptcy for decades. Bankruptcy can be a complicated and emotional process, and we want to do everything we can to make it go as smooth as possible for you.
How Will Filing For Bankruptcy Help Me Keep My Car?
When you file for Chapter 13 bankruptcy, you will restructure your debt and create a payment plan that lasts three to five years. This debt restructuring can help make it easier to pay for your car.
One of the ways is to have a judge reduce or “cram down” your payments. A “cram down” can allow you to reduce your vehicle payment by hundreds of dollars.
In a “cram down,” the judge can allow you to pay for what the car is worth, and not what you bought it for. For example, if you bought a brand-new car three years ago for $30,000 dollars, it may only be worth $15,000 now. You will only pay the $15,000, which will allow you to pay off some of your other debts.
Lowering your car payment to a more manageable amount is a great way to keep your car. Your car is important to your everyday life, and we want to do everything we can to make sure you get to keep it. Our attorneys will go over all your options with you and find a solution that works best for you.
Thinking About Filing For Bankruptcy? We Can Help.
If you are thinking about filing for bankruptcy because you are stuck in the never-ending cycle of debt, we want to help you. For a free consultation, give us a call today at 814-451-1125 or send us an email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.