The Repo Laws
If you don't make your car payments for a number of months, your lender may repo or repossess your car. Without a car you may not be able to get to work. Without your paycheck, you may not have the money to make your house payment.
Under the new Bankruptcy Act of 2005, credit counseling may be required or other options may be required, Contact a Bankruptcy Lawyer to find out all your legal options and rights
Filing for Chapter 13 protection can stop the vicious cycle of
debt before it gets a chance to ruin your life.
- Under a Chapter
13 plan your car will be protected and you will not necessarily
end up paying the full amount you owe on your loan.
- If your auto has already been repossessed, you must file before
the auction sale.
Most Chapter 13 plans base your repayment on
the fair market value of your vehicle at the time of filing.
Often this value
is far less than the balance of your loan. A Chapter 13 plan
will also allow you to make up missed payments over the life
of your plan.
Content Related to Topic
Bankruptcy Law Is A Federal Law. This Sheet Gives You Some General Information About What Happens In A Bankruptcy Case. The Information Here Is Not Complete. You May Need Legal Advice.
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