How To Redeem Your Car in Bankruptcy
If you are considering filing for bankruptcy and have a car loan, you may be wondering if it is possible to redeem your car in bankruptcy. Redeeming a car in bankruptcy allows you to keep your vehicle without having to continue making payments on the loan. The process of redeeming your car in bankruptcy requires time, effort and money, but can be an effective way to retain ownership of your vehicle.
When filing for Chapter 7 or Chapter 13 bankruptcy, one of the first steps is determining the value of any assets that you own. This includes vehicles with active loans; therefore, you must determine the actual value of your vehicle as part of the overall process. If the current market value is less than what is owed on the loan, redemption may be an option for you.
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