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The Importance of this Process
USE CHAPTER 13 BANKRUPTCY TO KEEP
YOUR CAR
There are many benefits of Chapter 13 bankruptcy,
including the ability to use this as a means of keeping your car
With the right approach, you will not lose any of your
vehicles by filing for Chapter 13
USE INCOME TO MAKE BACK PAYMENTS
If you want to keep your car in Chapter 13, you must use your income to make back payments
This allows you to pay some or all of the money you owe to
creditors
Most of the time, the repayment period lasts three
to five years
FOCUS ON EQUITY
Do you have an excess amount of nonexempt equity in your
car?
If so, this could increase your monthly payment amount
While this is a possibility, it is not typically the case with a car because of depreciation
REASONABLE EXPENSE
Even though this does not typically come to light, it is
something to consider
If you own a very expensive luxury car, for example, the
court could decide that this is not a reasonable expense
GET PREPARED
If you are concerned about filing for Chapter 13, thinking that it will have an impact on your car, it is important to be
as prepared as possible for the filing process
When you understand the points discussed in the last three slides, it is easier to understand your situation
CONTACT A CHAPTER 13 BANKRUPTCY
ATTORNEY
Although you may have some knowledge of Chapter 13
bankruptcy and how it will impact your car, it is safe to assume you also have some
questions and concerns
By working with an attorney, you can put your mind at ease
