Fremont Bankruptcy: Auto-Lien Stripping

Under the old bankruptcy law, if you file for Chapter 13 bankruptcy, you had a choice to “strip down” the auto lien on your car.  This means that the debt owed on your car will be reduced.  Or, this means that you can reduce the payment to your car to only the value of the car and a lower interest rate.  

Your car is considered a secured debt, and creditors have the right to take your vehicle or home if you do not pay your secured debt.  A secured debt is a debt where the creditor takes your property as collateral.

Under the new bankruptcy law currently in effect, auto lien strip down are restricted.  You can now only reduce the total debt owed and the interest rate of the loan only if you bought the car more than two and half years (or 910 days) before filing for bankruptcy.  Call Sagaria Law to schedule an appointment in Fremont for consultation to get you started on the road to a fresh start.

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