How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RobertJDFL Your Own Question
RobertJDFL, Attorney
Category: Legal
Satisfied Customers: 13875
Experience:  Experienced in multiple areas of the law.
Type Your Legal Question Here...
RobertJDFL is online now
A new question is answered every 9 seconds

I need to buy a car now. I'm buying a 2016 truck for

Customer Question

I need to buy a car now. I'm buying a 2016 truck for $23000.00. I will need to file for bankruptcy in 2-3 months. Chapter 7. In California. Can I do this and keep the truck?
Submitted: 1 year ago.
Category: Legal
Expert:  RobertJDFL replied 1 year ago.

Thank you for using Just Answer. I look forward to assisting you.

Yes you may. How it is handled will depend on the type of bankruptcy you file. In a Chapter 13 you continue to pay on the loan. Since it would be less than 910 days old, you'll pay the full amount of the loan. In a Chapter 7, you'd have to reaffirm the debt. When you reaffirm car loan debt, you agree to continue making payments on your auto loan and maintaining your car, even while you may be giving up other property and other debts under Chapter 7.

To do this, you'll need to sign a Chapter 7 Individual Debtor's Statement of Intention. This legal document lists secured debts, and the determination is made by the debtor on what he or she would do with those debts. In this case, the debtor would be reaffirming it.As you make payments after reaffirming debt, lenders will continue to report your car loan payments to credit reporting agencies, which can help your credit, also.

If you need clarification about my answer or additional information, please use the SEND or REPLY button to continue our conversation. Your satisfaction is my goal and I am here to help!

Once satisfied with the answer, please remember to kindly leave a positive rating for me by clicking on the stars, as that is the only way experts are paid for their time even though you may have already paid a deposit to the site. Thank you!

Expert:  RobertJDFL replied 1 year ago.

If you need further clarification or additional information, please reply and I'll be happy to assist. If not, kindly remember to leave a positive rating by clicking on the stars, as that is the only way experts on this site are paid for our time and assistance. Doing so will not cost you anything additional.