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Cramdown lowers vehicle loan payments and the total paid on the loan. But you can also get similar benefits on other personal property debts.

Here’s an example of vehicle loan cramdown that shows how you can reduce your vehicle payments and be free and clear after paying less.

Vehicle loan cramdown doesn’t just likely reduce your vehicle payments and the total you pay. You’d also not have to catch up on late payments.

To qualify for a Chapter 13 vehicle loan cramdown, mostly your loan must be at least two and a half years old. There are exceptions to this.

If you can’t afford to pay your vehicle payments even after writing off your other debts under Chapter 7, consider a Chapter 13 loan cramdown.

Can you keep your vehicle without reaffirming its loan? Can you make the payments without reaffirming? What if you can’t afford the payments?

If you want to keep your vehicle and still pay on its loan, file a Chapter 7 case to write off other debts and reaffirm the vehicle loan.

What do you need to do, what efforts is worth taking, if there are debts you don’t have any records on or you’ve forgotten about?

Usually if you don’t list a debt, it doesn’t get discharged. An exception is if the creditor still learns about your case, on time.

If you don’t list a debt in your bankruptcy case, and don’t add it in on time, it may not be written off. So carefully include all debts.