Can I keep my car after filing Chapter 13?
It is important to remember that a Chapter 13 bankruptcy is a reorganization bankruptcy which means you pay virtually all you owe over a three to five year period. In so doing, you can keep valuable property –such as your car and home –rather than losing them. To file a Chapter 13 bankruptcy you must have money coming in in the form of a regular income and have some left over income for your payment plan.
Typically, the payments you agree to make are about the same as what you were paying on your own prior to filing for bankruptcy, plus some catch-up payments. This is predicated on the fact that you can make the payments based on your income.
Chapter 13 may be for you if you own your home and are behind on debt payments, but if you had more time, you could catch up over time.
Chapter 13 can help prevent a home foreclosure, make up mortgage and/or car payments, deal with back taxes, halt interest accruing on a tax debt and more. Your Melaragno, Placidi & Parini bankruptcy attorney can walk you through the whole process and provide you with enough information to make an informed decision about filing a Chapter 13 bankruptcy.
Other Bankruptcy FAQs:
- Are alimony debts and payments discharged in bankruptcy?
- Are income taxes dischargeable in bankruptcy?
- Are my student loans dischargeable in bankruptcy?
- Can a creditor repossess my car without informing me?
- Can bankruptcy help my credit score?
- Can Chapter 7 bankruptcy save my home from foreclosure?
- Can I convert from a Chapter 13 to a Chapter 7 or from a Chapter 7 to a Chapter 13 in Pennsylvania?
- Can I discharge a federal tax lien?
- Can I file Chapter 7 and still keep my car?
- Can I keep my car after filing Chapter 13?
- Does a Chapter 13 ruin your credit?
- How much does it cost to hire a bankruptcy lawyer in Pennsylvania?
- How often can I file for bankruptcy in Pennsylvania?
- What happens to your car loan when you file Chapter 7?
- What to do if your wages are garnished in Pennsylvania?
- Will filing Chapter 7 hurt my credit?