Chapter 13 Bankruptcy: Reduce Balance And Interest Rates On Car Loans With A Cramdown

Posted on: 3 March 2015
Americans are borrowing more money to buy cars. Despite the economy being in a recessive state, Americans are buying more cars with an increase of 15.6 million units in auto sales. Instead of paying for the vehicle in full, most buyers are opting for car loans instead, as interest rates have lowered. There were 60.5 million car loans taken out in 2014. If you have taken out a car loan previously, and your car is now worth less than what you owe on it, you may be able to apply for a cramdown if you file for chapter 13 bankruptcy.
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