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HELPING YOU KEEP YOUR CAR IN A CHAPTER 13 BANKRUPTCY
t Ruben Law and the Maryland Bankruptcy Center, we have been helping Clients file Chapter 7 and Chapter 13 Bankruptcy for over 25 years. We help people understand Bankruptcy can be a fresh start and is an affordable, and legal option. This is an article about how to keep your car and reduce your car loan while filing for Chapter 13 Bankruptcy in Maryland.
Common reasons people choose to file a Chapter 13 bankruptcy include so they can keep assets, cure arrears, or simply because their income was too high to file for Chapter 7. However, another good reason to file a Chapter 13 is that it allows you to reduce the principal balance of your car loan. This is called a cram down.
A Chapter 13 cram down allows you to reduce loans on secured debts, subject to a few exceptions, to the value of the collateral. Unfortunately, one exception to the cram down is your mortgage on your principal residence. Let me provide an example to show how the cram down can reduce a Chapter 13 debtor's liability on a car loan.
Let's say you owe $8,000 on a vehicle, but due to depreciation the car is only worth $3,000. When you file a Chapter 13 bankruptcy you can keep the vehicle and cram down your secured car loan debt to $3,000. The $5,000 difference becomes an unsecured loan and is discharged at the end of the bankruptcy.
Another exception to the cram down in Chapter 13 is that it does not apply to vehicles bought by the debtor in the 910-day period prior to filing for bankruptcy. If a debtor bought the car over 2 and a half years ago, then this exception does not apply.
If you have any questions about filing for bankruptcy, call or email Ruben Law anytime for a free office or phone consultation. Our telephone number is (410) 766-4044 and email is firstname.lastname@example.org.We are available 24 hours a day and ALWAYS respond very quickly. We offer free consultations for most bankruptcy cases. We look forward to hearing from you.
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I'm so thankful to have found this law firm that offers a free initial consultation to help me determine what to do next. David Ruben was very helpful, educating me in MD law as applicable to divorce cases. It was because of this consultation with him that I was able to understand the rights and responsibilities of spouses seeking divorce, that we were able to reach an amicable mutual agreement to part ways. Additionally, his website offers a series of well organized videos explaining how the law applies to the various stages of divorce cases, as well as other types of cases. This is probably one of the most related educational website available to the public.
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I'd like to take this opportunity to express my appreciation for your services. My concerns and worries were laid to rest the first I met with you. You were sensitive and kind as you explained the law. Your approach to providing professional advice took into consideration my current and future needs, with the goal of providing me the best outcome. The process was seamless. Working with Susan was a delight. Before my hearing, she explained the process and prepared me on what to expect. Throughout, your staff earned an A+ rating for their professionalism, knowledge and promptness. I sincerely appreciate each time I could called or emailed, I'd receive a prompt reply. And, your service continued beyond the conclusion of my case. Thank you.
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David Ruben's Law Firm and staff are the Lawyers I would recommend for any legal problem. Years ago I went to David Ruben for financial advice and never to this day, regretted my decision! If I need legal advice in the future I would never hesitate going back to him. David is Honest and a Caring Lawyer that you can Trust!!
A Maryland Client! (6/2/2019)
A Maryland Client
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David Ruben is personable...
I wanted to give a huge thank you to everyone who assisted with my case. The entire process was convenient and informative. All questions or paperwork I submitted had a superior response time. Never any hangups or issues of any kind. It is a nerve-racking situation to be in and you all made it anxiety free.