Clifton Forge, VA asked in Bankruptcy for Virginia

Q: I have a car I'm paying for and my father is a Cosigner can I keep the car and keep paying for it chapter 7

Can I keep the car and keep making payments on it during chapter 7

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2 Lawyer Answers
Robert R Weed
Robert R Weed
PREMIUM
Answered
  • Bankruptcy Lawyer
  • Annandale, VA
  • Licensed in Virginia

A: Almost always, yes.

If the car was say a 2018 Bentley and you only owed two more payments--with something like that the bankruptcy trustee would sell your car. But if you owe about what it's worth, the trustee isn't interested.

Now if your car is financed by Ford Motor Credit, you need to worry about them picking up the car even if you are current on your payments; almost nobody else does that, but Ford Credit does.

You need to talk to your lawyer about how this will work in your case; but mostly just paying works fine.

Timothy Denison
Timothy Denison
Answered
  • Bankruptcy Lawyer
  • Louisville, KY

A: Yes.

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