How a cramdown saves money
Here's an example of vehicle loan cramdown that shows how you can reduce your vehicle payments and be free and clear after paying less.
Are you Behind on Your Auto Payments
Vehicle loan cramdown doesn't just likely reduce your vehicle payments and the total you pay. You'd also not have to catch up on late payments.
Decrease your Auto Loan
If you can’t afford to pay your vehicle payments even after writing off your other debts under Chapter 7, consider decreasing your auto loan through a Chapter 13 cramdown.
Keep Your Vehicle without Reaffirmation
Can you keep your vehicle without reaffirming its loan? Can you make the payments without reaffirming? What if you can't afford the payments?
A Handy Guide to Chapter 7 vs. 13 for Your Secured Debts
When is it better to reaffirm your secured debt--such as a vehicle loan--in a Chapter 7 case or instead cram it down under Chapter 13?
Example of Reaffirmation Agreement vs. Cramdown of Vehicle Loan
Here's an example of the reaffirmation of a vehicle loan in a Chapter 7 case vs. "cramdown" of the debt in a Chapter 13 case.
Timing: Qualifying for Vehicle Loan Cramdown
If your vehicle is worth less than you owe on it, with good timing cramdown could reduce your monthly payment AND the total amount you pay.
Reducing the Cost of Your Vehicle Loan through Cramdown
Chapter 13 vehicle loan cramdown solves a number of serious practical problems that even Chapter 7 "straight bankruptcy" can't.
“Assuming” a Vehicle Lease in Chapter 7
You can most likely "assume" your vehicle lease and keep that vehicle under Chapter 7. But you need to be current or able to be quickly.
Surrendering a Vehicle in a Chapter 13 Case
Chapter 13 gives you powerful ways to hold onto a vehicle, but it also lets you give up that vehicle without paying its debt.
Keeping Your Leased Vehicle through Chapter 13
Want to keep your leased vehicle but aren't current on the payments? File a Chapter 13 case if you can't get current right away.
Getting Out of Your Vehicle Loan through Bankruptcy
Keeping a vehicle and its debt is sometimes not the best option. Chapter 7 and Chapter 13 can both give you a safe way out.
Lowering Your Vehicle Loan Payments through Chapter 13 Bankruptcy
"Cramdown" of your vehicle loan can solve the problems of a reaffirmation agreement by lowering payments and protecting you much better.
A Fresh Start on Your Vehicle Loan through Chapter 13 “Cramdown”
If your vehicle is worth less than you owe, Chapter 13 "cramdown" can reduce your monthly vehicle payment and the total you pay on the loan.
A Fresh Start on Your Vehicle Loan through Chapter 7 “Redemption”
You may be able to keep your vehicle for less money by "redeeming" itâpaying its present fair market value instead of the full debt.