Many people in Florida find themselves so overburdened by debt that they file for bankruptcy to get things in order. This makes them better equipped to manage their debts. Among those may be a car loan that they are struggling to afford. Instead of giving up what may be their only form of transportation, they may be able to keep their vehicle by reducing their car loan through a cramdown. You should take some time to learn how this option can make your car payments more affordable in bankruptcy.
In a previous blog we discussed a concern that many people express when reviewing their options connected with bankruptcy filing: car repossession. When individuals file bankruptcy, protections against asset seizure are put in place until the court creates a plan to resolve the debt issues. In drafting a plan, the court strives to provide options favorable to all parties involved.