October 24, 2011
There are a number of important considerations:
- What is the value of your car?
- Do you own, the car outright or are paying off a car loan?
- If you are paying off a loan, how much is left?
- Do you have more that one vehicle?
- Is it used for business — not counting driving to work and back?
- Are you current on your payments or are you in arrears (behind in your payments)?
- Would it be better for you to just surrender the car?
The answer to these questions can help us decide whether your needs are best served by the simpler Chapter 7 bankruptcy, or if it would be better for you to be in a Chapter 13.
I will address these issues as they apply to motor vehicles in Louisiana in future posts. But until then if you do have any immediate needs please feel free to call my office. As always, your first appointment will be for a free consultation.