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VanDLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 833
Experience:  Chapter 7 & 13
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if i declare bancruptcy will my car that is on finance be re

Customer Question

if i declare bancruptcy will my car that is on finance be reposesed?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  VanDLaw replied 8 years ago.



No, it does not mean your car will be repossessed if you "reaffirm" the car note. This means that you are filing bankruptcy, but are keeping your car out of the bankruptcy. You must be current on your car payments in order to "reaffirm". If you do not want to keep the car or cannot reaffirm, then you will have to list the note as a Creditor and surrender the vehicle.

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Customer: replied 8 years ago.
ok so if i declare bankruptcy and reaffirm the car do i still contine making the car payments when im bankrupt?
Expert:  VanDLaw replied 8 years ago.
Yes, you need to keep the car payments current throughout the bankruptcy process and after your bankruptcy is discharged.