Although few of our bankruptcy clients are forced into Chapter 7 or Chapter 13 by pressure from creditors holding car notes, most of our clients need to decide what to do with a motor vehicle with a significant unpaid loan balance. At Dan Shay Law, our thorough understanding of the U.S. Bankruptcy Code helps people find the best available solutions to problems related to car loans.
If you stand to benefit from an attorney’s advice about your options concerning a creditor’s claim secured by your car or truck, contact Law Offices of Daniel G.Shay in San Diego for a free initial consultation.
Let’s say you owe $15,000 on a motor vehicle currently worth $10,000, and you’re behind on the payments. You have several options:
At Law Offices of Daniel G. Shay, we know how to find lenders who will consider refinancing your car at its market value, even while you’re in a Chapter 7 bankruptcy. Known to bankruptcy professionals as Section 722 car loan redemption, this process can help people keep their vehicles and lower their monthly payments — after all, the loan amount is based on current value rather than the original purchase price.
We can advise you about the eligibility guidelines for 722 redemption loans. For example, you can’t have had a car repossessed in the last ten years. If refinancing your car in bankruptcy can help you reduce the payments on a vehicle you want to keep, we can show you how to make a redemption car loan work.
For additional information about this approach to car or truck loan problems, contact our office in San Diego for a free initial consultation.
We are a debt relief agency. We help people file for bankruptcy relief under the U.S. Bankruptcy Code.