use chapter 13 bankruptcy to keep your car
TRANSCRIPT
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The Importance of this Process
USE CHAPTER 13 BANKRUPTCY TO KEEP
YOUR CAR
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There are many benefits of Chapter 13 bankruptcy,
including the ability to use this as a means of keeping your car
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With the right approach, you will not lose any of your
vehicles by filing for Chapter 13
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USE INCOME TO MAKE BACK PAYMENTS
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If you want to keep your car in Chapter 13, you must use your income to make back payments
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This allows you to pay some or all of the money you owe to
creditors
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Most of the time, the repayment period lasts three
to five years
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FOCUS ON EQUITY
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Do you have an excess amount of nonexempt equity in your
car?
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If so, this could increase your monthly payment amount
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While this is a possibility, it is not typically the case with a car because of depreciation
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REASONABLE EXPENSE
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Even though this does not typically come to light, it is
something to consider
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If you own a very expensive luxury car, for example, the
court could decide that this is not a reasonable expense
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GET PREPARED
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If you are concerned about filing for Chapter 13, thinking that it will have an impact on your car, it is important to be
as prepared as possible for the filing process
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When you understand the points discussed in the last three slides, it is easier to understand your situation
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CONTACT A CHAPTER 13 BANKRUPTCY
ATTORNEY
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Although you may have some knowledge of Chapter 13
bankruptcy and how it will impact your car, it is safe to assume you also have some
questions and concerns
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By working with an attorney, you can put your mind at ease