One common question many potential bankruptcy filers have is what will happen to their car loan in a Chapter 7 bankruptcy. And it's an important question: many people need to keep their cars in order to keep working.
Every case is unique. Speak with a bankruptcy lawyer right now about your car loan and potential Chapter 7 bankruptcy filing:
If you decide to file for personal bankruptcy, there are generally three options for determining how to handle a car loan in a bankruptcy. Specifically, these car loan Chapter 7 options include the following:
So how can you determine which option could work best for your finances? No two bankruptcy cases are the same, so you may want to consult with a bankruptcy lawyer about how to best handle your car loan to improve your financial situation. If you’re ready to figure out how to handle your car loan in Chapter 7 bankruptcy, you can connect today with a bankruptcy lawyer practicing in your area.
This is for informational purposes only and is not legal advice. For legal advice on your particular situation, speak to an attorney in your area.