Should You Surrender an Unwanted Car in Bankruptcy?
Most people think that if they file for bankruptcy, they will have to give up all their possessions, including their car. However, this is not always the case. You may be able to keep your car if you can afford the payments and if the car is worth more than the amount you owe on it.
If you are upside down on your car loan, meaning you owe more on the loan than the car is worth, you may want to consider surrendering the vehicle in bankruptcy. By doing this, you will be released from any further responsibility for paying on the loan and will no longer be liable for any deficiency balance.
However, before making the decision to surrender your vehicle, you should speak with a bankruptcy attorney to find out if it is the best option for your particular situation.
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