Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarification.
In a chapter 13 you have to arrange for a payment plan to all your creditors.
Once you file the chapter 13, the car would be surrendered to the lender, and they will sell it an an auction.
The balance left over, would have to be paid over in your chapter 13 plan over 60 months.
If you plan is a 10% plan you would only pay 10% of the debt over 60 months.
The average legal fee for a chapter 13 would be $1500-$5000 in legal fees.
Many times you can include your attorney fee in the chapter 13 plan as well.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).