| Just like saving your home from foreclosure due to delinquent payments, a Chapter 13 bankruptcy will allow you to save your car from repossession as well. As part of your Chapter 13 payment plan, you can take 3 to 5 years to get caught up on your delinquent car payments. In addition and in most cases, Chapter 13 allows you to “cram down” the amount of your car loan to an amount equal to the car’s fair market value. This practice usually results in a several thousand dollar benefit to the debtor and can be used even if you are current on your car payments. |
