A vehicle loan can be a major expense. Sometimes we find that we have borrowed more than
we can afford or we find our budget has changed due to a drop in income or
increase in monthly expenses. These
circumstances can make our car loan payments unaffordable. Chapter 13 can provide help if you are having
trouble making your car loan payments.
Chapter 13 allows you to force the creditor to accept new repayment terms that are easier for you.
Chapter 13 allows you to force the creditor to accept new repayment terms that are easier for you.
- First, you can lower the interest rate on the loan.
- Second, you can often give yourself more time (up to 60 months) to get the loan paid in full.
Chapter 13 also imposes an automatic bankruptcy stay that stops
all creditor activity against you and your property. If a creditor has obtained
a judgment and is looking to repossess the vehicle, this stay will immediately
provide you protection. If the car has
already been repossessed, the stay will prevent the creditor from selling the
car at an auction and you may still be able to get the vehicle back.
To learn more about Chapter 13 and how it can help you pay
your vehicle loan(s), call Milwaukee Attorney Drew Sapinski today at (888)
782-9423 and schedule a free consultation!
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