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How does Chapter 13 bankruptcy affect the car loan on my Mazda?
I'm entering into Chapter 13 bankruptcy, but I still need my car to get to work. What will happen to my vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
The most direct way to keep your Mazda is to get up to date on your payments. As long as your payments are on time, the lender can’t repossess your car. You may also be able to reduce your car loan amount, also known as a cramdown. In a cramdown, some of the amount owed on the vehicle becomes unsecured debt and becomes part of your payment plan for other unsecured debt.
If you can’t afford the payments, however, surrendering the car or having your court-appointed trustee sell the car is often the better option. Do the math to see if the Mazda fits your budget.
If you do keep your car, you can save some money by shopping around for car insurance. With
Jerry
, you can get quotes from dozens of car insurance companies to get the best and most affordable rate.View full answer
- Gregory R.
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