Will You Lose Your Car When Filing Bankruptcy?
Will You Lose Your Car?
An important consideration in filing bankruptcy is whether or not you will lose your car. A vehicle may be essential to your daily living. You may need a car to get to and from work, to pursue a job hunt or to get groceries. And if you have equity in your car, you are likely concerned about retaining it.
With over two decades of experience in bankruptcy law, I, attorney Christopher P. Walker, can help you determine whether you can keep your car in bankruptcy. I provide personal and tailored legal counsel to help people like you obtain financial freedom.
To learn more about how I can help, contact me for a free initial consultation.
How To Keep Your Car In Bankruptcy
Bankruptcy provides a number of options for allowing you to keep your car. In general, if you are able to continue making payments on your car, you will likely be able to keep your car through bankruptcy. California law will allow you to retain your equity in one or more vehicles, up to a certain dollar limit.
In some situations, it may be necessary to pursue a reaffirmation agreement. This is essentially a negotiation with your lender to allow you to keep the car in bankruptcy.
Through Chapter 13 bankruptcy, you can roll past-due car payments into an affordable payment plan stretched out over three to five years. Additionally, if your car is worth less than the amount of your car loan, you may be able to reduce the amount you owe to match the car’s current value. You can also significantly reduce your interest rate.
Contact An Anaheim Bankruptcy Exemptions Lawyer
Before pursuing bankruptcy or other debt relief options, you should first consult with an experienced bankruptcy attorney. Call the Law Office of Christopher P. Walker, P.C., at 714-639-1990 to schedule a free initial consultation. I offer affordable fees as well as evening appointments.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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My law firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.
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