You Car and Bankruptcy Filing
If you have fallen behind on your car and the lender is planning on repossessing the car. A chapter 13 is the easiest way to stop them and to lower your monthly payments. The plan can run up to five years which means taking your balance and spreading it out over a new five years. With all your credit card debts they can be added to plan also the payment to them is base on disposable income not necessary what you owe, but at the end of the chapter 13 you are out of debt. The car is paid for and all the credit cards taken care of. Because this a chapter 13 it falls off your credit three years sooner than the chapter 7.
If the car has all ready been reposed and you don’t want it back then the chapter 7 will discharge your responsibly for any payments missed. Your credit cards are discharged also meaning your out of debt today, and can start rebuilding your credit.
Please fill out our free evaluation form to determine if bankruptcy is right for you.
