If you include a vehicle in your Chapter 13 and your purchased that vehicle more than 910 days prior to filing Chapter 13, you may be able to reduce what you owe and pay the lower amount in your bankruptcy reorganization.

The bankruptcy law allows you to “cram down” the lender’s claim to the actual fair market value of the vehicle. For example, if you own a vehicle that is worth $10,000 but you owe $25,000, you can pay the lender $10,000 + interest in your Chapter 13, with the remaining balance of approximately $15,000 paid as an unsecured debt.

Crams downs are a very powerful tool and if you have older vehicles that are underwater financially they can save you a lot of money.

However, as I discuss in this video, lenders are increasingly choosing to fight back against these types of crams downs. Vehicle lenders will hire an appraiser, who, not surprisingly, will arrive at an estimated value much higher than what you might get from CarMax or Autotrader.

If a compromise cannot be negotiated, the dispute may end up in front of the judge but that would require you to pay your own appraiser to appear and you will have to pay your lawyer to argue this issue.

Not every attempted cram down will end up in litigation but you need to be aware of the possibility so you can best prepare. #chapter13bankruptcy #bankruptcycramdown #secureddebtbankruptcy
===========FREE CASE EVALUATION==========
If you would like me to analyze your finances
please contact me at
https://bit.ly/ContactGins'>https://bit.ly/ContactGins
==========================================

===============CONTACT ME=================
Jonathan Ginsberg
Atlanta Bankruptcy Attorney
Website: https://www.glolaw.com/ourpracticea...
Facebook:   / ginsberglaw  
Telephone: 7703934985
https://bit.ly/ContactGins'>https://bit.ly/ContactGins
===========================================
**Click Below to SUBSCRIBE for More Videos:
http://www.youtube.com/subscription_c...