Q: Can you file bankruptcy if your still making car payments in state of Nevada
A:
In the state of Nevada, you can file for bankruptcy even if you are still making car payments. This process allows individuals facing financial difficulties to seek relief while possibly retaining possession of their vehicle. The type of bankruptcy you choose, Chapter 7 or Chapter 13, plays a significant role in how your car loan is treated.
With Chapter 7 bankruptcy, you might have the option to reaffirm your car loan, which means you agree to continue making payments to keep the car. However, if you're unable to keep up with payments, the lender may repossess the vehicle. On the other hand, Chapter 13 bankruptcy involves reorganizing your debts into a more manageable repayment plan, which can include your car loan, potentially allowing you to catch up on missed payments over time.
It's important to understand your rights and the consequences of filing for bankruptcy concerning your car loan. Consulting with a legal advisor who understands the intricacies of bankruptcy law in Nevada can provide guidance tailored to your situation. This step ensures you make informed decisions about your financial future and assets.
Janice Jacovino agrees with this answer
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