The atty yesterday mentioned a 'cram down' for an auto loan where the balance was very high compared to the value of car. And we want to keep the car if at all possible. How does this 'cram down' work?
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You pay the car through the chapter 13 payment plan. So instead of paying the car finance company you pay the chapter 13 trustee.
For example, lets assume you OWE $15,000 on the car, but the car is only worth $7,500. Instead of paying all $15,000, you would pay over the course of your chapter 13 plan (usually 36 months), $7,500 plus interest.
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