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You're behind on your car payments

If you're behind on your car payments with no way to get current any time soon, you know the risk factor of your car being repossessed are quite high.

Perhaps, you had a setback due to a recent divorce, or loss of a job and you finally have a new job, for example. If you have exhausted all avenues for cash or credit, that's where I typically find you as clients. And, that's ok because I have the experience in the bankruptcy laws and the knowledge of working with the various creditor's attorneys to give you a clear path to a fresh start.

One such tool that I can utilize in a bankruptcy, is the ability to cram down the vehicle loan interest rate to approximately two points above the Federal Prime Rate. That is a huge game changer, in the sense that by reamortizing your vehicle loan from what is in some cases a double digit interest rate to a much lower rate, you save so much on the interest portion you pay over the term of the new structured loan.

Now, if you happen to have had the car loan for one day longer than two and one half years, the bankruptcy law allows you to reduce the principle down to the current fair market value and rewrite the loan from that number as well as reduce the interest rate that I stated above. That part can be tricky, to make a strong argument about what you believe the fair market value to be, you need to do your homework, line up your sources, such as NADA, expert car appraiser, etc. to have a convincing argument for the bankruptcy Judge to rule on if it goes to an evidentiary hearing.

My purpose in this piece was to give you something to think about if you're faced with a very delinquent car loan and that is your only good source of getting to your job, kid's school, getting the groceries, doctor appointments etc.

I have a wealth of bankruptcy legal expertise and would sure love to help you, if you choose to hire our office. I am so concerned about my clients that I have a 7-day availability to meet with them. Call me at (989)891-9780, even on weekends and if it’s late at night leave me a message, because we want you on our team. Call and schedule your FREE initial bankruptcy consultation, You can also schedule your free bankruptcy consultation on our website at

You can also find me on Facebook (Meta) at: and by Instagram at: attoreygordonkraftiii



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