IfIwant to file bankruptcy butI have a car loan, canI keep my car and contiune to pay theloan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
IfIwant to file bankruptcy butI have a car loan, canI keep my car and contiune to pay theloan?
Asked on December 18, 2011 under Bankruptcy Law, Illinois
Answers:
S.L,. Member, California Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You can keep the car and continue making payments on the loan. This is called reaffirmation of a debt. On the bankruptcy schedules (forms) you list the creditor and state your intention to reaffirm the debt. You list all creditors on the bankruptcy schedules (forms). When your bankruptcy is filed with the bankruptcy court, the court sends a notice to all creditors you have listed that you have filed bankruptcy. When you reaffirm a debt, the creditor might offer you better terms for repayment of that debt.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.