Auto Loan “Cram Downs” Top-Rated Attorneys in Los Angeles

Auto Loan “Cram Downs”

Chapter 13 Bankruptcy Attorneys in Los Angeles

One benefit of a Chapter 13 bankruptcy is the auto loan “cram down.” Under certain circumstances, the outstanding balance on a car loan can be reduced to its fair market value. This can be very beneficial to people who are “upside down” on their car loans and owe more than their car is worth. If you have questions about auto loan cram downs and are considering bankruptcy, the attorneys at Resnik Hayes Moradi LLP are here to help. We are committed to helping you resolve your debt problems while keeping your property.

Schedule a free initial consultation with our Los Angeles bankruptcy lawyers when you contact our firm today.

How Does a Cram Down Work?

Since cars depreciate so quickly, it is not uncommon for a person to owe significantly more on the vehicle than it is actually worth. Chapter 13 bankruptcy offers relief to people who are in this situation. A Chapter 13 cram down allows you to modify your car loan and pay less than the original terms of the loan.

For instance, if you owe $15,000 on a car, and its fair market value is determined to be $10,000, a Chapter 13 bankruptcy will strip $5,000 of debt off of your shoulders and give you three to five years to pay the remaining balance.

In order to qualify for an auto loan cram down, you must have purchased the vehicle no sooner than 910 days prior to the bankruptcy filing.

To determine if you are eligible for an auto loan cram down, it is important to consult with an experienced bankruptcy lawyer.

Contact Our Los Angeles Bankruptcy Lawyers

Our offices are open weekdays from 7:00 a.m. to 7:00 p.m., and we serve clients in the Los Angeles area and San Fernando Valley through offices in Sherman Oaks and Los Angeles.

To learn more about filing for bankruptcy with Resnik Hayes Moradi LLP, call us at (213) 344-0043 today.

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  • He not only saved my house but also got rid of all my debt. They are not your typical attorneys and their creativity really allowed me to do things that other attorneys never mentioned in previous consults.

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  • He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own.

    “I worked with David Kritzer at this firm, and he was great. He negotiated on my behalf with a credit card company and was able to settle with them for much lower than I could have on my own thanks to ...”

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  • I cannot thank them enough for helping save my home. I would recommend them for anyone that is thinking about filing for bankruptcy or foreclosure on their home.

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  • These are top-notch pros that'll have your back. I cannot recommend them highly enough.

    “Where to begin? I had a vile evil credit union repo my car over a misunderstanding, they wouldn't work with me even when I offered full payment plus repo fees (this was my first repo!) so I didn't ...”

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  • They were thorough, extremely knowledgeable, wonderful to deal with, thoughtful, and really helped guide me through what was one of the toughest times in my life.

    “Matt and his team are the best!! They were thorough, extremely knowledgeable, wonderful to deal with, thoughtful, and really helped guide me through what was one of the toughest times in my life. I ...”

    - Rusty H.
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We Make Debt Relief Easy

Committed to making the process as stress-free as possible for our clients, our Los Angeles bankruptcy attorneys and dedicated staff will handle everything for you. From filling out paperwork through getting end results, we will work to help your case run smoothly and efficiently. We serve our clients in English, Spanish, and Farsi.