Let's get technical for a moment. § 1322(b)(1) of the Bankruptcy Code, Title 11 reads that a Chapter 13 plan of repayment “may modify the right of holders of secured claims, other than a claim secured only by a security interest in real property that...
A person, otherwise known as Chapter 13 debtor, who files a Chapter 13 bankruptcy case may generally retain a motor vehicle. In fact, if current on the loan payments, a debtor may make monthly payments on the loan outside of the Chapter 13 repayment plan....
Bankruptcy does have an effect on a person's financial state. Despite this, filing bankruptcy often provides a necessary fresh start for individuals experiencing financial problems and difficulty repaying debts. An experienced and qualified bankruptcy attorney may help reduce stress and uncertainty by providing valuable assistance...