Can I Keep My Car If I File Chapter 7 Bankruptcy?
If you're facing bankruptcy, you may be wondering if you can keep your car. The answer depends on a few factors, but in most cases, you'll be able to keep your vehicle as long as you continue making payments.
Here's what you need to know about keeping your car during bankruptcy:
• If you have a loan on your car, you'll need to continue making payments to keep the vehicle.
• If your car is paid off, you can keep it as long as you continue paying for insurance and registration.
• In some cases, the value of your car may be less than what you owe on it. This is called being "upside down" on your loan. If this is the case, you may be able to negotiate with your lender to lower the amount you owe or extend the term of your loan.
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