If you’re considering filing for bankruptcy you’re probably wondering what will happen to your car. The answer depends on a few factors but in general you can either keep your car or sell it to pay off your debts.
Chapter 7 bankruptcy allows you to sell your car to pay off your debts but you can also keep your car if you can afford the monthly payments. In Chapter 13 bankruptcy you can keep your car as long as you’re current on your payments.
If you’re behind on your car payments you might be able to keep your car in bankruptcy if you can catch up on the payments. This is called a “reaffirmation agreement.” You’ll have to sign a new contract with the lender and agree to make the payments.
If you can’t afford the payments or you’re upside down on your loan (meaning you owe more than the car is worth) you might have to give up your car in bankruptcy. But you might be able to get a new car loan after bankruptcy.
Whether you can keep your car or not you’ll still be responsible for any loans you have on the car. That means you’ll have to keep making the monthly payments. If you don’t the lender can repossess your car.
If you’re considering bankruptcy talk to a bankruptcy lawyer to find out what might happen to your car.
Can you file bankruptcy and keep your car?
Answer: Yes you can file bankruptcy and keep your car as long as you continue to make your payments on time.
What type of bankruptcy can you file if you want to keep your car?
Answer: You would need to file a Chapter 13 bankruptcy in order to keep your car.
What happens if you don’t make your car payments after filing for bankruptcy?
Answer: If you don’t make your car payments after filing for bankruptcy your car could be repossessed.
Can you discharge your car loan in bankruptcy?
Answer: No you cannot discharge your car loan in bankruptcy.
How long do you have to continue making car payments after filing for bankruptcy?
Answer: You have to continue making car payments for the length of your loan even after filing for bankruptcy.
What are the consequences of not making car payments after filing for bankruptcy?
Answer: The consequences of not making car payments after filing for bankruptcy can include having your car repossessed and negatively impacting your credit score.
Can you file for bankruptcy if you are behind on your car payments?
Answer: Yes you can file for bankruptcy even if you are behind on your car payments.
What happens to your car if you file for bankruptcy and are behind on your payments?
Answer: If you are behind on your car payments when you file for bankruptcy your car could be repossessed.
Can you keep your car if you file for Chapter 7 bankruptcy?
Answer: No you cannot keep your car if you file for Chapter 7 bankruptcy.
What happens to your car if you file for Chapter 7 bankruptcy?
Answer: If you file for Chapter 7 bankruptcy your car could be repossessed.
Can you file for Chapter 13 bankruptcy and keep your car?
Answer: Yes you can file for Chapter 13 bankruptcy and keep your car.
What are the requirements for keeping your car if you file for Chapter 13 bankruptcy?
Answer: The requirements for keeping your car if you file for Chapter 13 bankruptcy include being current on your payments and having a manageable debt-to-income ratio.
Can you keep your car if you file for Chapter 7 bankruptcy and are current on your payments?
Answer: No you cannot keep your car if you file for Chapter 7 bankruptcy and are current on your payments.
If you are behind on your car payments can you still keep your car if you file for Chapter 13 bankruptcy?
Answer: Yes even if you are behind on your car payments you can still keep your car if you file for Chapter 13 bankruptcy.
What is the difference between Chapter 7 and Chapter 13 bankruptcy when it comes to keeping your car?
Answer: The difference between Chapter 7 and Chapter 13 bankruptcy when it comes to keeping your car is that with Chapter 7 bankruptcy your car could be repossessed whereas with Chapter 13 bankruptcy you can keep your car as long as you continue making your payments.
