Q: will i lose my car if i file for bankruptcy? i make payments on it
my husband and i have quite a bit of debt and our accounts kepp getting overdrawn. we were thinking about filing for bankruptcy however we dont own our car we make payments on it. so will we lose it?
A: You may be able to claim the car as part of your bankruptcy exemptions. In most cases, there would not be a great amount of equity in a car anyway and you stated you still owe money on the loan. The better question may be whether the car creditor will allow you to reaffirm the remaining debt on the car? If you have been a good customer the answer is usually yes. You need a bankruptcy lawyer to review your entire situation and they will be able to advise you as to your best options. Look on Justia for a lawyer in your area. Good luck!
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