Creditors and Bankruptcy/Auto Loan


I am trying to find out if there is a way to minimize my monthly payment without getting into more debt. I have been paying it for almost a year, but it weighs heavy on my budget. Please advise, and thank you.

There is not enough information here about your financial life to give me anything solid enough to give you a specific answer. Here are three general suggestions:

Perhaps your lender will agree to extend the loan, and reduce your monthly payment?

Do you have money in a retirement plan? If so, maybe you can borrow enough to pay off the auto loan and have a smaller monthly payment to repay the retirement plan.

See a bankruptcy lawyer(s) for advice on surrendering the car in a bankruptcy, or using Chapter 13 bankruptcy to reorganize and perhaps reduce the payment. Perhaps you have other debts that can be discharged in bankruptcy, and then your car loan might be affordable?

I hope this helps you.

Creditors and Bankruptcy

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Los Angeles Bankruptcy Attorney Leon Bayer


I can answer all questions relating to debt collection, credit reporting problems, credit scores, bankruptcy, debt settlements, debt settlement scams, and dealing with debt collectors. For many years I have been one of your volunteer experts for the topic "Bankruptcy Law". I would like to receive more questions. I'm thinking that many relevant questions get asked under this catagory as well as my own. See my stats, below: Los Angeles Bankruptcy Lawyer Leon D. Bayer U.S. Available View Profile Ask A Question View Past Answers Knowledgeability9.96 Clarity of Response9.93 Politeness9.97 Response Time(hr)14.6 --Last 90 Days(hr)7.6 Total Questions1119


34 years as a practicing bankruptcy attorney, published book author on topics of bankruptcy and foreclosure. See,


BA degree, J.D., admitted to California Bar in 1979.

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President, 1995-1996-Los Angeles Bankruptcy Forum; Member - Los Angeles County Bar Association Committee on Commercial Law & Bankruptcy, 1988. Law Advisory Commission-Personal & Small Business Bankruptcy Law of the State Bar of California, 1996-2000

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Over 15,000 bankruptcy cases.

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