{"id":2145,"date":"2011-09-29T09:05:47","date_gmt":"2011-09-29T14:05:47","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=2145"},"modified":"2018-11-27T07:27:41","modified_gmt":"2018-11-27T07:27:41","slug":"explanation-of-chapter-13-creditors-anger-at-new-york-debtors-who-choose-to-keep-their-cars-after-an-accident","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/explanation-of-chapter-13-creditors-anger-at-new-york-debtors-who-choose-to-keep-their-cars-after-an-accident\/","title":{"rendered":"Explanation of Chapter 13 Creditors\u2019 Anger at New York Debtors Who Choose to Keep Their Cars after an Accident"},"content":{"rendered":"

There are times when the less you owe a creditor under a Chapter 13 repayment plan, the unhappier the creditor. Take, for example, the case of the debtor who chooses to keep a car wrecked in accident that\u2019s part of a Chapter 13 plan.<\/p>\n

Let\u2019s say you file a Chapter 13 bankruptcy, and you\u2019re making your regular payments to your creditors, one of which holds the lien on your car. You\u2019re involved in an accident\u2014and are uninjured, thankfully\u2014but the car, while insured, is wrecked. At this point, we\u2019d think everyone is happy because the insurer will pay the creditor the remaining balance of the loan per its agreement with you.<\/p>\n

The creditor is happy with this arrangement for two reasons. First, by the time you\u2019ve been in an accident, your car is worth less than the loan on it. In other words, if you\u2019d surrendered it to the creditor, the car\u2019s value would\u2019ve been worth its value in scrap metal. Second, if you stopped making your car payments, the creditor would\u2019ve taken your car, which again would be worth only scrap metal. Less for the creditor. After the accident, though, the creditor doesn\u2019t have to worry about either of these outcomes and gets paid out of the insurance now rather than in the regular course of your Chapter 13 plan, which would take longer.<\/p>\n

Here\u2019s the twist: \u00a0You\u2019re an auto aficionado and like \u201cClick and Clack\u201d from\u00a0Car Talk<\/em>, you intend to repair your vehicle. This sometimes infuriates the creditor because it won\u2019t get the remaining balance of the auto loan. Once you chose to keep your vehicle, the insurance company reduces the payout to the creditor by the car\u2019s \u201csalvage value,\u201d which is usually equal only to the car\u2019s remaining value. This leaves the creditor in the same position it was in before: you may either surrender it to the creditor for scrap or you may find yourself in the situation of being unable to complete the loan payments.<\/p>\n

In these admittedly rare circumstances, the creditor will pressure in the circumstances laid out above to give up the totaled vehicle so they can get their money back sooner rather than later, if ever. They may pressure you to sign documents to this effect. Consult with your bankruptcy attorney instead.<\/p>\n

For more questions about cars, Chapter 13 plans, bankruptcy, the automatic stay, effective strategies for dealing with foreclosure, and protecting your assets in bankruptcy please feel free to contact<\/a> experienced chapter 13 Bankruptcy Attorney Brooklyn NY<\/a> Bruce Weiner for a free initial consultation.<\/p>\n","protected":false},"excerpt":{"rendered":"

There are times when the less you owe a creditor under a Chapter 13 repayment plan, the unhappier the creditor. Take, for example, the case of the debtor who chooses to keep a car wrecked in accident that\u2019s part of a Chapter 13 plan. Let\u2019s say you file a Chapter 13 bankruptcy, and you\u2019re making …<\/p>\n

Explanation of Chapter 13 Creditors\u2019 Anger at New York Debtors Who Choose to Keep Their Cars after an Accident<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[16],"tags":[],"acf":[],"yoast_head":"\nNew York Debtors Who Choose to Keep Their Cars after an Accident<\/title>\n<meta name=\"description\" content=\"There are times when the less you owe a creditor under a Chapter 13 repayment plan, the unhappier the creditor. 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