Bankruptcy Impact On Vehicle

Summary

Filing for bankruptcy in Massachusetts can impact your truck if you owe on it. Under Chapter 7, you can reaffirm the debt, redeem the vehicle, or surrender it. Chapter 13 allows you to include the truck loan in a repayment plan, potentially lowering payments or extending the loan term.

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Yes
Sure! Here are more details on the options for your truck under each type of bankruptcy:
- Chapter * Bankruptcy:
- Reaffirm the debt: You agree to continue making payments on your truck loan.
- Redeem the vehicle: Pay a lump sum to the lender based on the truck's current value.
- Surrender the vehicle: Return the truck to the lender and discharge the remaining debt.
- Chapter * Bankruptcy:
- Repayment plan: Include the truck loan in your repayment plan, potentially lowering your payments or extending the loan term.
Do you need more information on any specific option?
Whats repayment plan
A repayment plan in Chapter * bankruptcy allows you to reorganize your debts, including your truck loan. Here's how it generally works:
- You propose a plan to repay your debts over * to 5 years.
- Your truck loan can be included in this plan, potentially lowering your payments or extending the loan term.
- Payments are made to a trustee, who then pays your creditors.
Do you need any more details on this process?