I am currently in a Chapter 13 and would like to convert to Chapter 7. The problem is, I'm afraid my car will be taken because I cannot pay over $6,000 to make it current. Do I have any recourse under the circumstances? I would like to keep it.
Thank You
Answer
Is it safe to assume you file Chapter 13 so that you can make up the arrears on the vehicle? If so, what has changed? Is your car worth as much as you owe on it?
You can convert to a Chapter 7. If the car is not worth as much as you on the loan, you file a motion to redeem the property for it fair market value. There are companies that will provide a redemption loan so you would still be making monthly payments but probably for much less than what you are currently paying.
Please feel free to call me to discuss further.
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