A Chapter 13 bankruptcy can help you keep your car
By: Darrell Castle
It’s pretty common for people to fall behind on their car payments. Dealing with that debt can be frustrating, but there’s even more the car owner needs to worry about in this situation – losing the car.
Your car loan is a secured debt, meaning it’s debt backed by collateral (your car in this case) that a creditor can recover if you default.
However, there are ways to stop the creditor from taking your car.
If you want to save your car, then a Chapter 13 bankruptcy is right for you. In Chapter 13, you can usually lower your car payment and the interest so that you have a lower payment spread out over a longer time.
You can also include your other debts in the bankruptcy.
Then, once the bankruptcy is complete, you still have your car that’s completely paid off, and you’ve gotten rid of your debt, creating a fresh start for yourself, financially.
Darrell Castle & Associates has practiced bankruptcy law in Memphis for over 30 years, and we’re pretty good at it. That’s why we’ve received multiple Client Distinction Awards from Martindale-Hubbel for client satisfaction.
We not only want to help you get rid of your debt and protect your property through a bankruptcy, but we also want to provide you with the tools to succeed after. Our online credit restoration course, 7 Steps to a 720, will teach you the tips and tricks the banks don’t want you to know in regards to re-establishing and rebuilding your credit score to an A rating.
If you’re considering filing for bankruptcy, we’d love to talk to you. You can schedule a FREE consultation with one of our experienced bankruptcy attorneys by calling (901) 327-2100, or filling out one of the contact forms on this page.