Can the principal of my car be lowered with a Chapter 13, even though I filed a Chapter 7 about 5 years ago?
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Can the principal of my car be lowered with a Chapter 13, even though I filed a Chapter 7 about 5 years ago?
Asked on April 26, 2012 under Bankruptcy Law, Ohio
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
If you filed a Chapter 7 bankruptcy filing five (5) years ago and received a discharge of your debts, most likely you will not be qualified to file for a Chapter 13 bankruptcy filing for another two (2) years.
However, if you did not get a bankruptcy discharge with respect to the Chapter 7 bankruptcy, then you can file for a Chpater 13 bankruptcy filing. However, the principal owed on your vehicle most likely will not be reduced, rather the time period for you to pay off the amount of the loan may be extended.
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