I think I'm going to have to file bankruptcy. I am still making payments on my car and have not been late nor missed one. Will I be able to keep my car after filing?
2007-12-26 04:11:12 · 3 answers · asked by ladyfriend80 1 in Business & Finance ➔ Personal Finance
No. When you declare bankruptcy, all your creditors line up to get paid and if they have a tangible asset that can offset your debt, they can take it back. You could possibly negotiate with the car company to keep the car as long as you keep making payments but that's not likely to be approved by the bankruptcy court--- why should you be allowed to give Visa no money at all and keep giving $200 a month to the car company? You'd have to return the car and give that monthly payment money to another creditor that doesn't have a reposessable asset to take back.
2007-12-26 04:16:38 · answer #1 · answered by dcgirl 7 · 0⤊ 0⤋
You might be able to exclude one car from your bankrupcy filing. It can depend on your state law, and on the value of the car. Ask your lawyer - you'll need one to file anyway.
2007-12-26 12:28:08 · answer #2 · answered by Judy 7 · 1⤊ 0⤋
You might be able to keep your car after filing chapter 13 bankrupty.
2007-12-26 22:15:56 · answer #3 · answered by Justin 2 · 0⤊ 0⤋