Chapter 13
Chapter 13 Bankruptcy will help you re-organize your bills, stop foreclosure, repossessions, garnishments and high credit card interest in as little as one day. No firm has more experience in successful Chapter 13's.
Why go to unknown attorneys for such an important matter as your financial future? Geraci Law has over 35 offices in 3 states with over 35 years experience! Call one of our experienced attorneys. Get a FREE CONSULTATION in office and see the Geraci Law difference!
How does Chapter 13 affect my vehicle?
Chapter 13 is a debt repayment plan. In chapter 13 we go through the same initial analysis is in a chapter 7. When you call 1-800-CALL-PFG, have your insurance card in front of you, or your car title, it read off your vehicle identification number or VIN. We can then plug it into our Kelly blue book portal, and get the retail replacement value of the car. While you’re on the phone, we can also run an Experian soft pull, and see what your loan balances, and this is very important, we can see the date from the Experian soft pull that you bought the vehicle.
The date you bought the vehicle is very important in chapter 13, because if you bought it more than 910 days before filing, that’s 2 ½ years, we may be able to arrange for you to pay only what the vehicle is worth. Chapter 13 may also be able to let you pay for what the vehicle is worth, yet prime +2 points, which may be less than your vehicle loan.
So chapter 13 can be a great way to keep a vehicle that’s more than 2 ½ years old, or has a high interest rate.
Another nice thing about chapter 13 and vehicles is that if you have a vehicle with a loan on it, the vehicle gets paid first ahead of all your other creditors. Another great thing is that in pay your vehicle loan off ahead of other creditors, and only pay part of the vehicle loan, if it’s more than 2 ½ years old it less than 100%. Sometimes you can pay the vehicle hundred percent, and your other creditors only 10%. So chapter 13 is fantastic if you have a vehicle.
A Geraci law chapter 13 is also fantastic if you have a cosigner because you can protect the cosigner. One problem with the chapter 13 arises if you have a luxury vehicle. So if you have a newer BMW 750 I payment is $1300 a month, probably have to pay the rest to your creditors 100%, because that Bimmer is a luxury vehicle. The same thing happens if you have two vehicles, and your single. Let’s say you have your work truck, and you have a Harley, and you have payments on both of those. The court might say well if you want to keep the Harley, you can pay your unsecured creditors more. This is where an experienced Geraci law attorney can help you out, because we know all these things and we can tell you how to plan your chapter 13 in advance. So if you have money problems and need a bankruptcy case, when a call one 800 call PFG and get an idea of both chapter 7 and 13, so you keep rolling on down the highway.
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