Can You Keep Your Car During Chapter 13 Bankruptcy?
Keeping your vehicle and paying less than the full balance owed on your vehicle loan is within the realm of possibility in a Chapter 13 bankruptcy case. In some instances, it is also possible to lower your vehicle loan’s interest rate and change other repayment terms of the loan.
When you file a bankruptcy under Chapter 13, the amounts that you are required to repay on your debts, including a vehicle loan, are determined by the requirements of the bankruptcy laws. In Chapter 13, one payment is made each month for a period of 3 to 5 years to cover all of your debts.
This can include vehicle loans, mortgage arrears, rent arrears, tax debts, credit card debts, utility debts, medical debts, and more. Often, the amount of the monthly payment is significantly less than the amount a person is paying monthly outside of the bankruptcy.
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