How To Redeem Your Car in Bankruptcy
If you have filed for bankruptcy, one of your main goals is to keep certain assets. Depending on the type of bankruptcy filing, you may be able to redeem your car and keep it. Redeeming a vehicle in bankruptcy is a complicated process that requires specific steps and paperwork.
In Chapter 7 bankruptcy filings, you can choose to redeem your car if it’s fully paid off or near being paid off. This requires that you pay the lender the current market value for the vehicle instead of paying the full loan balance. You must also provide proof that you are able to pay this amount, such as recent tax returns or bank statements. Once all necessary documentation is submitted and accepted by the court, a judge will issue an order allowing you to redeem your car through a payment plan set up with the lender.
The Law Offices of Omar Zambrano has helped thousands of people and businesses on 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 12738 Ramona Blvd Baldwin Park CA 91706