QUESTION
I owe $13,000 on my car if I file bankruptcy what happens to the car? Do I get to keep it, or does it get repo'd?
Asked on Jul 18th, 2013 on Bankruptcy - North Carolina
15 ANSWERS
Deborah F. Bowinski
If you keep paying loan payments you probably keep the car, but it will depend upon whether and how much equity there is in the vehicle. If you stop making loan payments the car will be repossessed.
Answered on Jul 25th, 2013 at 12:22 AM
Litigation Attorney serving Stockton, CA
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Patrick Jay Edaburn
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If you do not pay for the car you do not get to keep it. You can arrange a payment deal with the lender but bankruptcy will not let you keep the car for free.
Answered on Jul 25th, 2013 at 12:22 AM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
2 Awards
That depends on what you want to do with it. If you want to keep it, you can file a reaffirmation and continuing making payment (if in a Chapter 7) or if in a Chapter 13 you can pay it through your plan and you must remain current on the payments going forward.
Answered on Jul 25th, 2013 at 12:22 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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This depends on a number of other facts, the total value of the car, whether you are behind on payments, whether you are doing a 7 or 13, and more. Visit with an attorney to determine the answer for your circumstances.
Answered on Jul 25th, 2013 at 12:22 AM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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All depends if you want to keep it. If you can afford it and you want to keep it, then you can reaffirm on it.
Answered on Jul 25th, 2013 at 12:21 AM
Chapter 7 Bankruptcy Attorney serving Milwaukee, WI
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Law Offices of Deborah A. Stencel
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The answer depends on a number of factors which include, but are not limited to, which chapter you file, the value of the car, the balance of the loan, whether you are current on the payments, what you want to happen, and whether you can afford the car. Please either provide more information or see an attorney!
Answered on Jul 25th, 2013 at 12:21 AM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You can keep it you have less than $3,000 of equity in it. You can give it back and no have to pay the loan off.
Answered on Jul 25th, 2013 at 12:21 AM
Estate Planning Attorney serving Wilmington, DE
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Reger Rizzo & Darnall, LLP
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If you pay it they cannot repo it.
Answered on Jul 25th, 2013 at 12:21 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on the exemption law of the state where you live. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Jul 25th, 2013 at 12:21 AM
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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You can keep it as long as you are willing to continue to pay for it.
Answered on Jul 25th, 2013 at 12:21 AM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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A car loan is a secured debt. In a bankruptcy, you have a decision to keep the car and reaffirm the loan or surrender the car and discharge the loan. There are time deadlines and the creditor should submit reaffirmation agreements to you.
Answered on Jul 25th, 2013 at 12:21 AM
William Rhymer
If you file a Chapter 7, you would have to reaffirm and keep the car debt and pay it if you want to keep the car. You could let the creditor have the car back and wipe out the debt. But if you want to keep the car you would have to pay for it.
Answered on Jul 25th, 2013 at 12:21 AM
Corporate & Incorporation Attorney serving Huntersville, NC
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Elliott Law Firm, P.C.
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If you want to keep the car, then assuming there is no non-exempt equity, you would continue to make payments just as you have been. If you don't want to keep the car, then you can surrender it back to the creditor, and have no further obligation for the debt.
Answered on Jul 25th, 2013 at 12:21 AM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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It depends on what you want to happen, your current circumstances and the type of bankruptcy that you file.
Answered on Jul 25th, 2013 at 12:21 AM
Well, it is sort of up to you. If you want, you may return the car and owe nothing, or you may sign a reaffirmation agreement and continue to keep current and retain the vehicle.
Answered on Jul 25th, 2013 at 12:21 AM