Will Filing Chapter 13 Bankruptcy Reduce My Car Payments?

If you purchased your car more than 910 days (2 ½ years) prior to the date you filed Chapter 13 bankruptcy, you may be able to reduce that amount owed on the car to the value of the car based on National Automobile Dealers Association (NADA), plus a portion of the amount owed greater than the value. This is known as a cramdown. Use this time duration calculator to see if you have had your vehicle more than 910 days.