What If I Am Behind On My Auto Loan?

In Chapter 7, if you are not current on your auto loan, the creditor can request “relief from stay” to repossess the collateral unless you bring the loan current. Alternatively, you can file a Chapter 13 to bring current payments, modify the loan or interest rates. Another process, “Redemption” can also be exercised to retain the car and pay market value for car, but requires a new loan.

Category: Chapter 7

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