I read somewhere when you file chapter 7 the bk court can reduce your interest on your auto. Is there any true to this? I got my jeep last dec and traded in my truck I at 21% right now and plan to reaffim it. There is nothing wrong with it but tires and I got the loan to help my credit after discharge.
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Not in a Chapter 7.Originally posted by bigtim6656 View Post
You could explore a 722 redemption loan to reduce the balance owed but, the interest rate would still be nosebleed.
Honestly, why would you drag a loan on a deprecitaing asset through bk and pay 21% for the privelge?
Part of a successful bk is about making good decisions post bk. This doesn't sound like a good idea at all. -
I will not be getting rid of the jeep. I have equity in it and good a good deal since I got more for my trade in then I paid for it and got the jeep less then the retail price is. No reason to get rid of it expect the interest and given I will be able to pay it down or off within a year of my bk and it will help my credit post discharge. My plan is to get it paid down in a year or so, not paid off but down enough where it helps my credit but does not have me paying alot of money in interest.Originally posted by keepmine View PostComment
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