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JoeLawyer, Attorney
Category: Bankruptcy Law
Satisfied Customers: 767
Experience:  Attorney in the practice of Bankruptcy Law since 1996
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I filed Chapter 7 in March of 2002. Well, I lost my job ...

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I filed Chapter 7 in March of 2002. Well, I lost my job last yr and was unemployed for 6 months. I almost lost everything. I got a job now but I can't make my car payment and they will not refinance nor will anyone else due to the fact my interest rate is high and I owe more than it is worth.I NEED to get rid of this vehicle. I was doing GREAT at first,making money etc but then the company went down and so have I ever since.What can I do to get rid of my vehicle? It is a 2005 Ford Explorer.My debt including the vehicle is about ... maybe $ 27,000 if that.

Hi West Virginia Mama:

I cannot give you advice since I am not licensed to practice law in West Virginia, but I can give you information. The first piece of relevant information is that one cannot file Chapter 7 within 8 years of the date a prior bankruptcy case was filed that received discharge. So, if you filed bankruptcy in 2002 and that case received a discharge, you can't file Chapter 7 for another 2 years or so.

However, one can file Chapter 13 anytime after a prior bankruptcy. So, you may be eligible to file Chapter 13 to get relief from the car loan. Chapter 13 requires you to pay as much as you can to the court in monthly payments for 3 to 5 years, and at the end of the 3 to 5 years, your case is over and you get a Discharge. You don't have to pay everything you owe over 3 to 5 years, just as much as you can afford over that time, and whatever does not get paid is discharged.

This may be a great option for you so you can get instant relief from the car loan and discharge the car loan. You may also be able to restructure your car loan so you can keep it. Speaking to your lawyer may give you other options as well, since Chapter 13 is generally very flexible in helping you restructure your debts.

I hope this helps and a positive feedback is always appreciated if this was useful to you.


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