FINANCING A CAR AFTER BANKRUPTCY

One of the reasons people file bankruptcy cases is to preserve vehicle ownership. If the client has a car loan, a chapter 13 case in which the terms of the vehicle loan can be re-set to make the payment more affordable is often attractive.  Or some clients prefer the liquidation approach of a chapter 7, in which other, unsecured debts are discharged, thus freeing up money in the monthly budget to make the car payment easier to afford.

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