“WE CAN REDUCE YOUR CAR PAYMENT”
In Chapter 13 a Debtor can:
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Cram Down the Secured Creditors Claim to the value of the Collateral instead of the amount actually owed.
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Reduce your car payment and extend the payment term to 60 months (assuming a 60 month Plan is proposed)
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Pay the present value (i.e. $6,000.00) of the vehicle at a reduced interest rate, commonly referred to as “Till interest” (after a Supreme Court case where a litigant was named Till).
This can result in a tremendous savings to a Debtor, and by effectively allowing you to “refinance” your car loan you may be able to reduce your car payment and free up your cash flow and dramatically improve your financial position.Limitations on Cram Down/Strip Down
There are limitations that may affect you. If the collateral for a PMSI debt is a motor vehicle acquired for personal use within 910 days (approx. 2 ½ years) prior to the Chapter 13 filing, the debt can not be stripped down to the value of the vehicle.Call for more information today.If the collateral is not a motor vehicle, the prohibition on strip down only applies if the PMSI debt was incurred within one year prior to the bankruptcy filing.
There are limitations that may affect you. If the collateral for a PMSI debt is a motor vehicle acquired for personal use within 910 days (approx. 2 ½ years) prior to the Chapter 13 filing, the debt can not be stripped down to the value of the vehicle.Call for more information today.If the collateral is not a motor vehicle, the prohibition on strip down only applies if the PMSI debt was incurred within one year prior to the bankruptcy filing.
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To find out what Kallabat & Associates, P.C. can do to help you reduce your auto payments and get a fresh financial start, please call or Email us today for a free consultation.”We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.“
To find out what Kallabat & Associates, P.C. can do to help you reduce your auto payments and get a fresh financial start, please call or Email us today for a free consultation.”We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.“