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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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i was looking into filing chapter 7 bankruptcy but if i do

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i was looking into filing chapter 7 bankruptcy but if i do would me and my wife be able to keep our vehicles.
*This chat is not intended as legal advice. It is general information that may or may not apply to your situation and should not be relied upon.*


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To assist me in answering your question, please tell me:
1. how much equity do you have in each vehicle? (equity is the amount that the value exceeds the loan)
2. are your loan payments up to date?

Customer: replied 3 years ago.

the vehicles are worth what is owed on the loan right now and also the payments are 30 days behind.

Thank you very much for your information.

Since there is no equity in the vehicles, you may keep the vehicles provided you continue to make the payments.

The lender may also require that you reaffirm the loans as a condition to retaining the vehicles. A reaffirmation agreement in bankruptcy is a promise to pay debt that would otherwise have been discharged in bankruptcy.
Customer: replied 3 years ago.

i want to be able to keep the vehicles but i cant pay the payment on those vehicles during a bankruptcy will the lender work with you on the payments to make them lower?

Sometimes the lender will renegotiate a loan however there is no legal requirement that they do so
Ellen and other Bankruptcy Law Specialists are ready to help you

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