Cramming Auto Loans

"CRAMMING DOWN" A CAR LOAN IN CHAPTER 13 BANKRUPTCY

You need your car to get to work or school. Losing your car could have a serious impact on your life. If you are having trouble keeping up with your car payments, you might fear repossession or feel like you need to sell your car.

Bankruptcy may be the solution to your debt problems. At Susan M. Williams, LLC, we can help you cram down your auto loan or find other solutions so you can keep your car. With more than 25 years of experience helping individuals through Chapter 13 bankruptcy, we can develop a debt relief strategy that works for you.

We can help you protect your assets and reorganize your debt. Call us today at 860-265-4764 or contact us by e-mail to arrange a free consultation with attorney Susan M. Williams.

Cramming a Car Loan in Connecticut

Under Chapter 506(a) of the Bankruptcy Code, you can reduce the amount you owe on your car loan in Chapter 13 bankruptcy if:

  • You have owned your vehicle for more than 910 days (about two and a half years)
  • The amount left on your loan exceeds the current fair market value (FMV) of the car

This is known as a "cram down," and it can significantly reduce the amount you owe on your car loan, through the adjustment of the interests, a reduction in monthly payments or fewer payments over the life of the loan.

Cramming down a car loan is only possible through Chapter 13. If you are filing for Chapter 7, a 722 redemption may allow you to keep your car in bankruptcy. We will explore every avenue so you can keep the vehicles and other assets you need while getting your debt under control.

Contact an Enfield, Connecticut, Bankruptcy Attorney

To discuss your cramming down a car loan in Chapter 13 bankruptcy, call lawyer Susan M. Williams in Enfield, Connecticut, at 860-265-4764 or contact us by e-mail. We offer free consultations, and we serve clients in Massachusetts and Connecticut.

Free consultations · Easily accessible from Route 91, off Route 5

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

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