What Happens to Your Car and Car Loan in Bankruptcy?
What Happens to Your Car and Car Loan in Bankruptcy?
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How to File Bankruptcy and Keep Your Car
No one wants to lose a car in bankruptcy. Keeping your vehicle in bankruptcy will depend on the following: whether you file for Chapter 7 or Chapter 13 bankruptcy, if you’re behind on your car payment, and whether you can protect all of the vehicle equity with a bankruptcy exemption.
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The Motor Vehicle Exemption in Chapter 7 Bankruptcy
If you file for Chapter 7 bankruptcy, you will most likely be able to exempt (protect) some equity in your car, van, truck, motorcycle, or other motor vehicle. If you can exempt enough equity, you'll be able to keep your car.
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How to Value Your Car in Bankruptcy
Valuing your car, van, truck, motorcycle or other vehicle is an important part of a bankruptcy case; when you file for bankruptcy, you must include a list of everything you own and how much each item is worth.
Car Repossessions and Bankruptcy
Car Repossessions and Bankruptcy
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Will Chapter 7 Bankruptcy Prevent a Car Repossession?
If you are not making timely car loan payments, Chapter 7 bankruptcy cannot permanently prevent a car repossession. However, Chapter 7 can temporarily delay the lender from repossessing your car and allow you more time to negotiate or cure your default.
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Will Filing For Bankruptcy Get Back a Repossessed Vehicle?
Repossession of a vehicle is a stressful situation for anyone to have to face. If you’ve had your vehicle repossessed because you haven’t kept up with the payments, you may be wondering if you can get your car back by filing for bankruptcy.
Options to Keep or Surrender Your Vehicle in Bankruptcy
Options to Keep or Surrender Your Vehicle in Bankruptcy
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Should I Surrender My Car in Chapter 7 Bankruptcy?
If you owe money on your car and you file for Chapter 7 bankruptcy, you must decide whether you want to keep your car or surrender it.
Car Leases in Bankruptcy
Car Leases in Bankruptcy
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What Happens to a Car Lease in Chapter 7 Bankruptcy?
What happens to your car lease in Chapter 7 bankruptcy depends on whether you are behind on your payments and on what the bankruptcy trustee decides to do with the lease – the trustee can assume or reject the car lease.