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I am planning to file Chapter 13 bankruptcy. Is it possible to keep my car with me. I don't want to loose it. :confused:




Hi!
Welcome to the forums!
Yes, it is possible to keep your car in Chapter 13 bankruptcy. You can repay your outstanding debts through a court monitored repayment plan in Chapter 13 bankruptcy. You will also be eligible to pay off the auto loan debt through the repayment plan. If your car loan is around 910 days old, then you'll be required to pay the total loan amount. Though, the interest rates on the may be reduced. If your car loan is more than 910 days old, then the the court will calculate the market value of the vehicle. After that, they will make a repayment plan for you.

Sub: #1 posted on Sun, 01/16/2011 - 23:33

Good Nelly Good Nelly
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Nelly is absolutely correct. As you're filing Chapter 13 bankruptcy, it will help you in reorganizing your debts. Thus, you won't lose your assets. Rather you'll get a payment plan to pay off the dues. Thus, you will get a payment plan for your car loan as well. You should make sure that you pay as per the payment plan regularly. If you don't do so, your bankruptcy filing can get dismissed.

Sub: #2 posted on Mon, 01/17/2011 - 02:25

Anna Sweeting Anna Sweeting

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