Chapter 7 Buys Time to Change to Another Vehicle
Filing a Chapter 7 case stops repossession of your vehicle temporarily. If you are getting another vehicle, that can be valuable time.
Chapter 7 Buys Very Short Amount of Time to Get Vehicle Insurance
Chapter 7 stops a repossession of your vehicle for lapsed insurance, but almost always the amount of time it buys you is very short.
Many Ways to Buy Time for Your Vehicle and Home through Chapter 7
Chapter 7 buys you the crucial time you need in many situations when falling behind in your obligations related to your vehicle or your home.
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.
Surrendering Your Vehicle in a Chapter 7 Case
If you're buying a vehicle, sometimes getting out of the contract is your best option. Chapter 7 lets you do that, owing nothing.
Keeping Your Vehicle by Reaffirming the Vehicle Loan
In a Chapter 7 case you "reaffirm" your vehicle loan if you want to keep your vehicle. This means you keep paying it.
Escaping a Vehicle Lease in Chapter 13
Getting out of a vehicle lease by "rejecting" it in Chapter 13 isn't quite as quick as in Chapter 7 but has about the same practical effect.
“Assuming” a Vehicle Lease in Default in Chapter 13
Although Chapter 7 can work fine if you're current on your lease, use Chapter 13 instead if you're behind and need time to catch up.
“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.
Secured Creditors’ Proofs of Claim in Chapter 13
If you want secured creditors to be paid in your Chapter 13 plan, they must file proofs of claim. Let's use the example of a vehicle loan.
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.
Getting Out of Your Vehicle Lease through Chapter 7
A vehicle lease can cost you less up-front and each month, but is in reality very expensive. Bankruptcy is your way to break the contract.
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.
Keeping Your Leased Vehicle through Chapter 7
If current or able to get current on your vehicle lease payments, you'll likely be able to keep that vehicle in a Chapter 7 case.