Q: I bought a car one year ago & never registered it..thinking about applying a chapter 7…I am going to surrender the car
Is it best to surrender the car or do a reaffirm agreement?
A: Depends on what your car is worth, what is owed on it and the equity in it. Your bankruptcy lawyer can help you make this decision.
1 user found this answer helpful
A: You would have the option to 1) surrender and owe nothing further, 2) keep making the monthly payments but not reaffirm, or 3) to keep making the monthly payments and reaffirm. You would likely only want to reaffirm under limited circumstances - mainly only if the vehicle was worth a good bit more than you owed on it. A good bk attorney can guide you to the best decision for your circumstances.
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