Keeping Your Car Loans in Bankruptcy

Posted on January 20, 2011 at 10:01am by

Bankrate – If you are considering bankruptcy, it can be hard to decide what to do with your car loan. You may have difficulty paying all your debts, but at the same time, you want to keep your vehicle. In fact, it could be nearly impossible to get back on your feet financially without the use of a car, which is often needed to travel to a job and earn money, says Andrew Radmin, a bankruptcy attorney with Carkhuff & Radmin in North Plainfield, N.J. Fortunately, it is possible to keep a car in bankruptcy. “For people who have a vehicle, are financing it and want to keep it, there’s a method that can be used for them to continue to make payments and maintain the car they own,” says Radmin.

  • Even in bankruptcy, you may need your car to get to a job.
  • Under Chapter 13, the borrower would continue to pay off some debts.
  • With Chapter 7, the borrower gives up assets to walk away from debt.

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