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One of the top concerns for people considering bankruptcy is whether they can keep their car. For many people, a car is vital as it's the link to jobs, groceries and medical care. Clearing debt, but losing a car is a trade that many people simply can't afford to make.
Fortunately, this situation is quite common, and the bankruptcy laws provide several options that allow people to keep their car when filing. In fact, filing bankruptcy, either Chapter 7 or Chapter 13, may even make it easier to afford monthly car payments, gas bills and repair costs.
KEVIN CHERN, BANKRUPTCY ATTORNEY: Can you keep your car if you file bankruptcy? One of the top concerns that people face when they consider filing for bankruptcy is a concern over whether or not they're going to be able to keep their current vehicle.
In bankruptcy there's something called the reaffirmation agreement. The reaffirmation agreement is a simple agreement between you and your creditors, that's been reviewed by your attorney, whereby you agree to just continue to make the payments on your vehicle as if you've never filed bankruptcy.
So you agree to re-adopt, or adhere to, the terms of your agreement on the car payments, and the creditor agrees to let you keep the car. Overwhelmingly the majority of people who file for chapter seven enter into reaffirmation agreements with the lender on their vehicle and they're able to keep their car.
So if you'd like to find out how you're going to be able to keep your car if you file for Chapter 7, you can call the toll free number on this page or you can fill out the form and submit a request to speak with an attorney in your area. Well have you on the phone with someone in just a few minutes.
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