Cramdown is a court-ordered debt reduction in a Chapter 13 bankruptcy. According to North Carolina bankruptcy lawyers Terry, Damon, and Melissa Duncan, a cramdown means the debtor only has to pay the value of the thing financed—a car or a appliance, for example—and not the amount owed.
Terry Duncan is a bankruptcy lawyer in Charlotte and Greensboro, North Carolina, who handles bankruptcies under Chapters 7 and 13 with his son, Damon Duncan, and his daughter-in-law, Melissa Duncan. Yep, it’s a family firm, and here they are introducing themselves:
To contact Terry, visit his North Carolina bankruptcy attorney profile.
In all the back and forth on payday loans in the press and blogosphere, a study titled NC Consumers after Payday Lending by the Center for Community Capital at Univ. of North Carolina does seem to be getting as much play as it should. Though the Community Financial Services Association of America (CFSA), the trade association for the payday lending industry took notice and immediately tried to spin the findings.
Among its findings are these nuggets:
Center researchers concluded that the absence of payday lending has had no significant negative impact on credit availability for North Carolina consumers.