Can someone tell me what this means?

[RLOPE]

In an effort to go for a Chapt. 7, my lawyer responded that it won't be possible due to my income and expenses. Therefore, we'll have to go for a Chapt. 13, and in an effort to keep my payments as low as possible, we can "CRAMDOWN" the cars to their fair market value...

What is CRAMDOWN? And, what role does the fairmarket value of my cars play in determining the Chapt. 13 payments?

Appreciate it!!

[jeep75]

The Chapter 13 “cram-down” provision allows debtors to retain collateral as long as they offer repayment of the “secured portion” or fair market value of the collateral in their repayment plan. The balance that exceeds the fair market value of the collateral is considered to be unsecured and is placed at the lowest priority of payment.

[lrprn]

A "cramdown" in Ch 13 is possible when a car was purchased more than 910 days (about 2.5 years) before filing. What you owe on the car can be "crammed down" to its actual market value, not what you owe on the loan, when filling out the Ch 13 Means Test and Schedules.

If you purchased a car within 910 days of filing, no cram down is allowed.

(And if you see a link in my post that states, "Click here to find out more!", I didn't put it there. Clicking it takes you to an advertisement website.)