How is my Chapter 13 payment plan amount calculated?

One of the most frequent questions we are asked in our free consultations is whether you can keep your car through the bankruptcy process. Yes, you may keep your car!

If your car is financed or leased, and you are current on your payments, we advise the Bankruptcy Court when we file your documents that you would like to keep possession of your car and continue to pay on your loan or lease. The creditor will often insist that you sign a Reaffirmation Agreement. A reaffirmation agreement is an agreement that states you understand that you are keeping a certain debt despite filing bankruptcy and getting a discharge. Once you sign this reaffirmation agreement, the debt is no longer dischargeable in your bankruptcy. The reaffirmation agreement usually has the exact same payment terms as your original agreement with the finance company.

If you own your car, Nevada law protects $15,000 in value or equity in your vehicle. When considering the value of your car, it is helpful to look at the Kelly Blue Book online at Please be sure to look at the trade-in value of your car when looking at its value.