Can Bankruptcy Help Me Get My Car Back After Repossession?
If you're facing repossession, you may be wondering if bankruptcy can help you keep your car. The answer is maybe. It depends on a few factors, including the type of bankruptcy you file and the laws in your state.
If you file for Chapter 7 bankruptcy, the court may grant you a "reaffirmation agreement." This means you can keep making payments on your car loan and avoid repossession. But you have to reaffirm the debt, which means you're still responsible for it even if you later decide to give up the car.
If you file for Chapter 13 bankruptcy, you can usually "cram down" your car loan to its current value and pay that amount over time as part of your repayment plan. This can lower your monthly payments and help you keep your car during bankruptcy. But not all states allow this.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at the 12738 Ramona Blvd Baldwin Park CA 91706