keep car bankruptcy
Can I keep my car in Chapter 7 bankruptcy?
I would like to know if anyone knows if I can keep my car in Chapter 7 bankruptcy? I know it is not worth what I owe on it. My problem is that my credit is shoot, due to helping out family and my husband lost his job which put us in MAJOR debit. We qualify for Chapter 7 but this is the only car my family has. I don’t want to lose it. Can someone please explain to me how this will work?
Hi. It’s not a good idea to reaffirm {not have the debt discharged in bankruptcy} on a vehicle where it appears that you are upside down {owe more than what is worth}. There are many dealerships that will extend credit after the bankruptcy is discharged. If you file bankruptcy, you can keep the vehicle as long as you continue to make payments without reaffirming. If the car is repossessed or your surrender the vehicle, then the debt is already discharged in your bankruptcy if you DO NOT sign a reaffirmation agreement. If you do sign, then, you are still responsible for any amounts owed if the car is repossessed. I hope this helped.
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