Repossession in Chapter 13 Bankruptcy

Chapter 13 Bankruptcy can stop repossessions.  If a car or other vehicle has been repossessed but not sold by the creditor when your Chapter 13 Bankruptcy is filed, the Bankruptcy court may order the creditor to return the vehicle to you. Under Chapter 13 Bankruptcy law, interest charges may be reduced, and your monthly payments can often be lowered.  In certain Chapter 13 Bankruptcy cases, the balance secured by the vehicle may be reduced to its market value, even if this is much less than the loan balance.  In Chapter 13 Bankruptcy, you pay for the car in a single monthly payment which consolidates all of your bills.  Often this one payment can be lower than your old car payment alone.  Ask your Bankruptcy Attorney for further details as to how a Chapter 13 Bankruptcy can benefit you.