Reaffirming your Vehicle Loan
If you want to keep your vehicle and still pay on its loan, file a Chapter 7 case to write off other debts and reaffirm the vehicle loan.
Examples of Reaffirmation Agreement vs. Chapter 13
Here are examples of the reaffirmation of a secured debt (like a vehicle loan) in a Chapter 7 case vs. addressing it in a Chapter 13 case.
The Automatic Stay in Chapter 7 and 13
Filing a Chapter 7 or 13 case both stop creditor collection actions against you just the same. But after that the differences are huge.
The Financial Effect of Surrendering Collateral in Chapter 13
If you are concerned that in a Chapter 13 case a debt resulting from surrendered collateral will cost you more, often it won't.
When a Creditor Does Not Enforce its Lien
Sometimes, even if what you bought is legally collateral on a debt, you can just write off and not pay the debt yet keep what you bought.
Power over Your Secured Debts through Chapter 7
Stop secured creditors from taking your property, unsecured debts from turning into secured ones. Keep or surrender collateral as you wish.
Chapter 7 and Chapter 13–“Cramdown” on Personal Property Collateral
After covering Chapter 7 last time, now how does Chapter 13 help you keep (or surrender) collateral on a debt?
Making Sense of Bankruptcy: How Filing a Chapter 7 or 13 Case Stops Creditors’ Actions against You
Federal bankruptcy laws override state collection laws, protecting you and your assets from debt collection.
Crucial Question: In a Chapter 13 Case, How Do You Keep Collateral That’s Not a Home or Vehicle?
A Chapter 13 plan lets you propose what collateral you want to keep and what it is worth paying for, giving you a lot of leverage.
Crucial Question: In a Chapter 7 Case, How Do You Keep Collateral That’s Not a Home or Vehicle?
Have your attorney first make sure that your creditor has a right to the collateral. If so, arrange to pay for the right to keep it.
Crucial Question: Can Bankruptcy Stop My Vehicle from Being Repossessed Even If I Am Surrendering It?
Bankruptcy will stop a repossession very fast. Then a month or so later you surrender the vehicle, but gain some key advantages.
The Extraordinary Tools of Bankruptcy: The “Automatic Stay”
Don't take for granted how quickly and thoroughly filing bankruptcy protects you, your money, and everything else you own.
Even Simple Chapter 7 Bankruptcy Can . . . Get You Out of Bad Vehicle Loan
Saving the vehicle sometimes is not the best option, so Chapter 7 bankruptcy gives you a safe way out.
Advantages of Chapter 13 After Stopping Repossession of Your Car or Truck
Straight Chapter 7 bankruptcy gives very limited help if you're behind on your vehicle and need to keep it. And Chapter 13? Provides much more help.
Power Over Your Secured Creditors in Chapter 7
Your secured creditors are often the ones you most care about, because the creditor can take your collateral. Chapter 7 strengthens your hand, improving your options.