11. You may be able to Cram Down a Loan on a Mobile Home

Like Cars, Mobile Homes depreciate. Therefore, several years after you purchase your Mobile Home, you may owe far more than it is actually worth. For this reason, the Chapter 13 Bankruptcy Code allows you to payoff a Mobile Home Loan at fair market value over a 3 to 5 year period at an interest rate that is usually around 5%. For example, if you owe $60,000.00 on a Mobile Home that is only worth $15,000.00, you would only be required to pay about $300.00 per month in a Chapter 13 Bankruptcy Plan.