Las Cruces, NM asked in Bankruptcy for New Mexico

Q: If I am upside down in my car loan, will Chapter 7 or 13 protect me from losing my car?

I am 60 days past due. I just got a job, but it will take some time to get caught up. With my credit scores dropping, it would be difficult to buy a new car at this point.

Would Chapter 7 or Chapter 13 be better if all I need is protection from losing my car for the next few months?

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: Either can be used to protect your car, but which one you need depends on your overall financial situation, debt and assets. Consult an experienced bankruptcy attorney before making a decision.

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