Bankruptcy Law Questions? Ask a Bankruptcy Lawyer Now.
Good afternoon,I'm Doug, and I'm sorry to hear of the confusion. My goal is to provide you with excellent service today.
While from a legal standpoint, there is no reason why terms on an existing car loan cannot be renegotiated while you are in a chapter 7 bankruptcy, I'm guessing that the lender will not be willing to agree to modify the terms. But you can certainly try. Their suggestion that it is illegal to renegotiate is just an excuse not to do so, in my opinion.
Here is a great article precisely on this issue: http://www.bankrate.com/finance/debt/5-options-for-a-car-loan-in-bankruptcy.aspx
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Good afternoon,Do you have any additional questions that you would like me to address for you? In case you would like a phone call to further discuss these issues you have raised, I will make that offer to you. You are certainly not obligated to accept a call offer, but many people do find it helpful for clarification purposes, as well as to allow them to ask additional questions.If I have provided you with the information you were seeking, would you please now rate my service to you?Thanks in advance,Doug