Can Bankruptcy Help Me Get My Car Back After Repossession?
If you're facing repossession, you may be wondering if bankruptcy can help you get your car back. The answer is maybe. It depends on several factors, including the type of bankruptcy you file and the laws in your state.
Generally, if you file for Chapter 7 bankruptcy, the court will order the repossession company to return your car to you. This is because the court can exempt (protect) a certain amount of equity in your car. But if you don't have any equity in your car (meaning you owe more than it's worth), the court may not exempt anything and the repossession company can keep your car.
In Chapter 13 bankruptcy, you may be able to keep your car by making payments on it through your repayment plan.
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