File Bankruptcy and Keep the Car
Can I File Bankruptcy and Still Keep My Car – Talk to a Pittsburgh Bankruptcy Lawyer Now!
If you’re considering filing a voluntary bankruptcy case under chapter 7 of the Bankruptcy Code or entering into a repayment plan under chapter 13, you may be interested to know how a bankruptcy case might affect your vehicle loan. Most workers need their vehicles just to bring themselves to work and back. In most Pittsburgh bankruptcy cases, people can file bankruptcy and keep their cars. Generally, as long as one continues to pay on his or her vehicle, she may retain it.
Chapter 13 Bankruptcy. If you’re behind on your car payment, you may wish to use chapter 13 to retain that vehicle. Under chapter 13, debtors may pay into a plan over a period of three to five years and, during that time, they may cure and reinstate certain loan balances. In most cases, even when a debtor is substantially behind on a vehicle payment, chapter 13 may still offer a pathway to keep that car.
Chapter 7 Bankruptcy. Often debtors are not in a position to repay creditors but still want to keep their automobiles. In those cases, they may usually retain them as long as they keep current on their vehicle payments. Particularly in this context, its very important to know whether creditors are secured or unsecured and whether they may have priority claim status. In order to ensure that you are able to retain your interest in your vehicle, contact Robleto Law today.
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