9. You may be able to Pay for your Car at Fair Market Value rather than the Actual Amount Owed

Depending on the date you purchased your Car, it may be possible to pay for the Car in a Chapter 13 Bankruptcy at its Fair Market Value rather than the Actual Amount you Owe on your Car Loan. For example, if you owe $20,000.00 on a Car that is only worth $8,000.00, you may be able to keep the Car and only pay $8,000.00 to the Creditor over a period of 3 to 5 years. Of course, in the process you will save $12,000.00 plus Interest.

Types of Bankruptcy

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