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jmanto41 · Joined: 08 Sep 2010 Posts: 1 1.34 Dollars($)

Hello I was wondering if you get money back from your creditors or car lenders if you file Chap 13?

I am thinking of filing and also would like to cram down the 2 car payments I have. Example interest on cars will be about 5% instead of the 10% I am currently paying.

Did the free consultation she said that I can file Chap 13 wipe out all debt and just pay the car payments.
Confused!

dipaligopale · Joined: 25 May 2010 Posts: 790 22.70 Dollars($)

Hi jmanto41,

welcome to mortgagefit,

Posted: Wed Sep 08, 2010 11:36 am Post subject:

Hello thank you for responding..
I did the consultation and I remember the lawyer saying you might get some money back from your creditors but she was not clear on it.

I was just thinking if I cram down the car loan would I be able to get anything back if they change the interest from 10% to 5%?
I am paying 1 car loan of 14% $541 a month
2nd car is 10% at $460 a month
If I file it would be about $538 a month for 2 cars.

smithsussane · Posted: Wed Sep 08, 2010 11:06 pm Post subject:

Hi Guest!

Welcome to forums!

As far as my knowledge is concerned, you won't get back money from your creditors if you file bankruptcy. Rather, you'll receive a payment plan from the creditors which will help you in paying off the loans.

Feel free to ask if you've further queries.

Sussane

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Chapter 13