Chapter 13 and Car Loan

Hello everyone, I am getting ready to file BK chapter 13. Can I include my car loan? If so, does the car company can take my car back? What are the consequences of  during and after the end of the 5 years repayment plan for the BK?

Thanks

Neninha

You can include your car loan in one of two ways.  First, do you want to keep the car?  If no, just list the debt and give the car back.  If yes, then your chapter 13 payment plan must payoff the car in 5 years or less.   At which time you will receivce title from the lender.

As an aside, you must include ALL debts in your creditors' matrix. You don't get to pick and choose which debts you list. Do not omit a debt, regardless of how small or because it is owed to a family member.

Some debts, such as your student loans, may not be dischargeable, but do list them in the appropriate place on the forms.

You likely will discover that your budget will be very tight on Chapter 13 repayment plan. You want all debts  "accounted for" or you will run the risk of failure in your Chapter 13 repayment plan..