Thompson Law Group, P.C.

Chapter 13 makes saving the car possible

Your car is much more than just a machine on top of four wheels. Like many other people in Pennsylvania, your car is the way that you access the outside world. Whether you are driving to work, picking up your child from school or transporting groceries back home, you need your vehicle to survive. That's why saving the car in the face of repossession is so important.

When you are behind or struggling with your car payments, losing the vehicle is a very real possibility. However, if you have reached the point where you can no longer make all of your monthly payments, then it may be time to consider Chapter 13 bankruptcy. Not only can this process help you address your other debts, but it can also help you keep your car during a very difficult time. Filing for bankruptcy will prevent a lender from repossessing your car even if you are behind on payments. If the vehicle is already repossessed but has not been sold yet, the lender may even have to give it back.

After you file for Chapter 13, your debt will be restructured according to a court-approved plan proposed by you to make it possible to pay back at least some of your debt. Payment plans last anywhere from three to five years depending on the person. You can also ask the judge to "cram down" your vehicle payments. A cram down makes it so that you only have to pay back your car's value, not the amount you borrowed to purchase it.

You need to be able to get to work, school and other places as easily as possible. When you are facing overwhelming amounts of debt, it may feel like saving the car is impossible. In reality, Chapter 13 bankruptcy gives you a way to stop repossession, address your debts and keep your vehicle. Navigating the bankruptcy process in Pennsylvania can be confusing though, so you should be sure to read more about your options.

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