I am behind on my car payments

“I am behind on my car payments. What are my options?”

Option #1: Get the Money to Bring Your Car Loan 100% Current

If you fall behind on your car payments but now have the money to catch them up most car creditors are more than happy to take your money and allow you to get back on track.

Option #2: Ask Your Lender to Workout a Payment Plan to Get Current

If you cannot get 100% current on your car loan then ask your car creditor if you can set up a repayment plan to pay a little extra each month until the account is current. While this is entirely up to your car creditor, many companies will allow this. Whatever you do, make sure that you get this agreement in writing!

Option #3: File Chaper 13 to Restructure Your Entire Car Loan

If you have tried working with your car company and they are refusing to allow you a payment plan to catch up then a Chapter 13 bankruptcy may be the answer to your problems. Here are some benefits that a Chapter 13 has in dealing with your car loan:

Will stop repossession instantly
Allows you to cram down your interest rate to as low as 4-5%
May allow you to cram down your car loan to just the value of the car.
Restructure your car loan over a 36-60 month time period with the rest of your debts
$0 has to be paid in attorney fees to file your case!