Legal Question in Bankruptcy in Pennsylvania
chapter 13 bankruptsy interest rates
do you use the current prim rates of interest when filling bankruptsy interest is on car loan-or the rate at the time of fileing
Asked on 6/30/08, 8:51 pm
1 Answer from Attorneys
John Gibson
John W. Gibson, Esquire
Re: chapter 13 bankruptsy interest rates
With an auto loan generally you can file a motion to determine the value of the vehicle in a Chapter 13 case and they are usually willing to agree to a lower interest rate. If it is a Chapter 7 case, though, unless things have changed, they will generally repossess the vehicle unless you reaffirm for the full contract price including the interest.
Answered on 7/08/08, 4:06 pm
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