If you wish to cram down your car loan, you must have purchased the car at least 910 days (around 2½ years) prior to the bankruptcy. This prevents people from buying a new car and cramming down the loan right soon after driving it off the lot.
Tag Archives: #chapter13bankruptcy
Assistance with Debt Relief Bankruptcy law was designed to help people get a fresh start. Although frowned up, it actually stirs innovation as people can take more risk and innovate, knowing that if things don’t work out, Bankruptcy options are available. Bankruptcy laws were designed with the average hardworking American in mind. Call 773-407-2100 for […]
910-Day Rule Exceptions The infamous hanging paragraph in §1325(a) of the Bankruptcy Code prohibits bifurcation of a creditor’s claim secured by a vehicle into a secured claim and an unsecured claim. Specifically: “section 506 shall not apply to a claim described in that paragraph if the creditor has a purchase money security interest securing […]
Bankruptcy law was designed to help people get a fresh start. Although frowned up, it actually stirs innovation as people can take more risk and innovate, knowing that if things don’t work out, Bankruptcy options are available. Bankruptcy laws were designed with the average hard working American in mind. Call 773-407-2100 for a free consultation […]
A secured debt is one that is secured by property, which the creditor can take if you default. For example, your mortgage is secured by your home. If you default on your loan, the lender can sell your home to repay your debt. A car loan is also a secured debt. In addition to these […]
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