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Chapter 13 Bankruptcy and Your Vehicles

One advantage of Chapter 13 bankruptcy is that you keep your property, including your car, van, truck, motorcycle, or other vehicle. There are some other Chapter 13 features that come in handy when it comes to your vehicle:

  • If you are behind on your car loan payments, you can make up the arrears through your Chapter 13 repayment plan.
  • If you are upside down on your car loan, and meet certain time restrictions, you may be able to reduce your car loan to the value of your car -- this is called a cramdown.  

And if you are facing imminent car repossession or your lender repossessed your car but has not yet sold it, filing for Chapter 13 bankruptcy will stop the repossession or sale, and give you the opportunity to get your car back.  

Keep in mind, that unless you have lots of equity in your car, you will probably be able to keep it in Chapter 7 bankruptcy too. (See Your Car in Chapter 7 Bankruptcy.)

Overview Articles

Overview Articles

  • Your Car in Chapter 13 Bankruptcy

    Chapter 13 provides solutions unavailable in Chapter 7 to help debtors keep their cars. Learn about reducing loan interest and balances, catching up on late payments, and more.

  • How to File Bankruptcy and Keep Your Car

    Whether you keep your vehicle in bankruptcy will depend on whether you file for Chapter 7 or Chapter 13 bankruptcy, whether you’re behind on your car payment, and whether you can protect all of the vehicle equity with a bankruptcy exemption.

  • Keeping Two Cars in Chapter 13 Bankruptcy

    You can keep two cars in Chapter 13 bankruptcy, but you'll need to be able to afford the required payment, which could be high. Learn the steps you can take to make a Chapter 13 payment more affordable.

  • How to Value Your Car in Bankruptcy

    Valuing your car, van, truck, or motorcycle is essential to a bankruptcy case. As with other property, you must list how much each vehicle is worth and whether an exemption protects its equity in the bankruptcy petition.

View Less Articles

Car Repossessions and Chapter 13

Car Repossessions and Chapter 13

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