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Bankruptcy

: The Debt Podcast

When Is A Car Purchased For Business Use?

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In Chapter 13, a consumer can reduce how much is repaid on an automobile under certain circumstances.  But the law limits that reduction, called a “cramdown” where the car was purchased with the loan money within the last 2 1/2 years if the car was bought “for the personal use of the Debtor.” Note, you have [...]

Full post as published by The Debt Podcast on September 23, 2009 (boomark / email).

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