Hold Onto Your Most-Prized Possessions
When considering bankruptcy, you likely face a lot of doubt, have a lot of questions, and feel overwhelmed with a significant amount of debt. Fortunately, the expert bankruptcy attorneys at The Cook Law Firm are here to help you. Here, we’ll be briefly dissecting vehicle ownership and how you could protect your property from being seized if you’re eligible for Chapter 13 bankruptcy.
Keep reading to learn more!
Under Chapter 13 Bankruptcy You Can:
Create a payment plan to repay creditors
Retain property that would be seized under Chapter 7 Bankruptcy
Complete the bankruptcy process in three to five years
Discharge debts upon completion, effectively freeing yourself from debt
Protect Your Vehicle
Resolve Debts With A Payment Plan
Finish The Process In 3 to 5 Years
Free Yourself From Debt
Protecting Your Vehicle From Seizure With Chapter 13 Bankruptcy
When considering any financial decision, it’s important to have a full understanding of what your options are, what special accommodations apply to you, and which process(es) will be most beneficial for you. This is especially important when it comes to bankruptcy. Not only is this a transformative but intensive process, but also because there are a lot of moving parts like exemption, qualification criteria, and more that are associated with and can greatly affect how bankruptcy will operate for you.
For starters, take your vehicle. If you have a non-exempt vehicle that you don’t want to be seized, you can protect it through Chapter 13 bankruptcy. Additionally, in Louisiana, there are a number of vehicle related exemptions that may help you.
So how can you have a firm understanding of how bankruptcy could best benefit you? The answer is actually relatively simple — you can either spend years of your life learning the intricacies of bankruptcy in Louisiana to gain an in-depth understanding, or you can enlist the top rated bankruptcy attorneys in Louisiana to assist you with their expertise!
With The Cook Law Firm on your side, you won’t just have the best representation when meeting with the bankruptcy court, but you’ll also have our attorneys working alongside you the whole way to ensure your beloved assets are as protected as possible and you have a comprehensive understanding of your unique circumstances.
How To Protect Your Vehicle With Chapter 13 Bankruptcy
There are special requirements for retaining a car that was purchased within 910 days (2.49 years) prior to filing for bankruptcy protection. If your car is secured by a loan to a creditor, and purchased within 910 days of filing, your plan must pay the creditor the full amount of the debt against the car, plus interest, in equal monthly payments. In most jurisdictions, if the equal monthly payments do not begin in month one (1) of your plan, you must pay the creditor special payments called “adequate protection” until regular payments begin, so the creditor receives an amount of its secured claim in the beginning of your bankruptcy.
Consult your bankruptcy attorney if the interest rate on your automobile loan is very high. It may be adjusted in some Chapter 13 bankruptcy plans.
If the car was purchased more than 910 days prior to filing for bankruptcy protection, you will be expected to pay an amount to the creditor at least equal to the value of the automobile at the time you file your Chapter 13 bankruptcy plan. Any amount due to the creditor over the value of the car will be paid as an unsecured debt. You must maintain property insurance on the vehicle if you owe money on it.
Again, when it comes to bankruptcy, the possibilities are endless. And the only way to be certain you’re navigating through your case the best way you can is to utilize the help of professional bankruptcy attorneys, like those at our firm.
While bankruptcy isn’t for everyone, The Cook Law Firm is here to make it as simple and easy as possible. When you work with us, we ensure that we understand your situation and help attain the most favorable outcome.
When it comes to protecting your vehicle with Chapter 13 bankruptcy, we won’t just do the work for you, we’ll detail your options, determine if you qualify for Chapter 7 or 13 bankruptcy, and advocate on your behalf.
Whether you’re considering Chapter 13 bankruptcy specifically to protect property like your vehicle, or you’re looking to bankruptcy simply in the hopes of bettering your financial situation, The Cook Law Firm is here to help you. We’re not just dedicated to bankruptcy, but also to our incredible neighbors living throughout the state of Louisiana. If you’re ready to get started with the process or you’d like to ask us some questions pertaining to your financial situation, contact us today via the button or form below.
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