How can I surrender my car in Chapter 7 bankruptcy?
If you're buried in debt and considering Chapter 7 bankruptcy, you may be wondering what will happen to your car. Can you keep it? Do you have to give it up?
Here's what you need to know about surrendering your car in Chapter 7 bankruptcy.
If you can't afford your car payments and you're considering Chapter 7 bankruptcy, one option is to surrender your car. This means turning over the vehicle to the lender and walking away from the loan.
Before you make the decision to surrender your car, there are a few things you need to consider. First, if you surrender your car, your credit will take a hit. Second, if you have equity in your car, meaning you owe less on the loan than the car is worth, giving up your car could leave you with a deficiency balance that you'll be responsible for paying off.
The Law Offices of Omar Zambrano has already helped thousands of people and businesses in the past to get out of debt and start over.
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