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Roger
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Category: Bankruptcy Law
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I bought a car for for $30,000 on a six-year loan two months

Customer Question

I bought a car for for $30,000 on a six-year loan two months ago. My payment on that loan is roughly $710 per month. So, over the six-year period of the loan, I would be paying approximately $51,000 for my car. If I file Chapter 13 bankruptcy in two months, will the amount that I have to pay back the creditor on my car loan be based on the $30,000 value of the car or will it be based on the $51,000 fully amortized value of the car loan? Can you please cite the applicable federal/state law that would apply in this situation as well along with your answer? I live in WA.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Roger replied 3 years ago.

If the obligation underlying the secured claim was used to buy the collateral (e.g., a car loan), the plan must provide for full payment of the debt, not just the value of the collateral. Here is a link to the US Bankruptcy site that discusses this fact: http://www.uscourts.gov/FederalCourts/Bankruptcy/BankruptcyBasics/Chapter13.aspx

Therefore, you'd have to pay the full amount for the car - principle and interest in order to keep it.

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