Cramdown in Chapter 13 Bankruptcy
Cramdown in Chapter 13 Bankruptcy is a legal process that allows debtors to modify the terms of certain secured loans. It offers debtors an alternative to discharging those loans in a Chapter 7 bankruptcy, and it can be used to reduce the amount owed for car loans, mortgages and other debts.
Under this process, a debtor's rights are protected under federal law by allowing them to strip off any liens on certain kinds of property that exceed the value of that property. This helps ensure that lenders do not receive more than they are entitled to without first getting approval from the court. The resulting reduced payments make it easier for debtors to repay their remaining obligations while still meeting their financial obligations such as rent or utilities.
The Law Offices of Omar Zambrano has helped thousands of the people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706