Most people love their cars and are very hesitant to part with them, but they have to face hard choices if they cannot pay their debts. Since bankruptcy would be the best viable option for one to retain his or her car, that person has to be aware as well that equities have to be met. A case in point would be a person who must have five thousand dollar equity for him to retain the car. On the other hand, if a person owes an entity more than the worth of his or her car, a request for a reduction can be made to equal the value of the vehicle.

This arrangement can be done by an Arizona bankruptcy attorney who will coordinate with the bank to make the necessary adjustments for the reduction otherwise known as “cram down.” This attorney knows the value of a car to families so he will help clients keep their vehicles.