Another benefit, if the car was purchased over 910 days before the chapter 13 filing, our Chicago bankruptcy attorney at Leeders & Associates can cram down the balance you pay based on what the vehicle is worth today.  We all know how cars and trucks depreciate the minute you drive off the lot, and that by the time you are finished paying, the car is worth but a fraction of the purchase price.   We can save you a ton of money if your vehicle has depreciated too!   We can even get you a much better interest rate in most cases.   Case law wants a debtor to pay prime rate +1 to +3 points.  So as of today, April 26, 2013, that would be between 4.25% and 6.25%!  That may be quite a savings, especially if you bought your car from a Buy Here, Pay Here dealer!

Contact us today for a free bankruptcy consultation.  We have several bankruptcy attorney offices – a Chicago Loop office, South Side of Chicago office, as well as Offices in Schaumburg and Warrenville, IL to serve the city and suburbs.
We have free consultations and have weekend office hours too!  Call today. 312-346-7400.

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7th Circuit Cases
Civil – Bankruptcy
Thompson v. General Motors Acceptance Corp., LLC, No. 08-2077 (5/27/09). Appeal, N.D. Ill., E. Div. Reversed and remanded.
Bankruptcy Ct. erred in denying debtor’s motion for sanctions based on creditor’s retention of debtor’s vehicle, which had been seized prior to debtor’s filing Chapter 13 bankruptcy petition. Debtor had equity interest in seized vehicle, and creditor’s refusal to return seized vehicle prior to debtor establishing ability to provide adequate protection of creditor’s interest in said vehicle violated Bankruptcy Code’s stay put provisions. As such, creditor was required to immediately return seized vehicle to debtor’s estate upon debtor filing Chapter 13 bankruptcy petition and then seek protection from Bankruptcy Court.

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