' How to File for Bankruptcy and Keep Your Car - Law Offices of Robert M. Geller, P.A.
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

How to File for Bankruptcy and Keep Your Car

how to file for bankruptcy and keep your carFiling for bankruptcy can be a difficult decision. While it can provide you with a fresh start financially, you must consider a few things.

One of the most important concerns is whether or not it is possible to keep your car while going through the bankruptcy process. The answer is yes! It is possible to file for bankruptcy and keep your car as long as you follow certain steps.

Gather and Analyze Necessary Documentation

The first step in filing for bankruptcy and keeping your car is to gather all of the necessary documentation related to the car’s financing. This includes the loan agreement, loan payments, insurance documents, title registration, etc.

Once you have gathered all of this information, analyze it to determine exactly what you owe.

Redeem or Reaffirm Your Car Loan

Once you have determined how much money is owed on your loan, you will need to decide if you want to redeem or reaffirm your loan.

Redemption allows you to pay off your loan balance at its current value – not what was originally agreed upon when you took out the loan – in one lump sum payment.

If you choose this option, the creditor may not take any further action against your vehicle even if a balance is due on the loan after redemption. You may also choose to reaffirm your loan with either the original lender or another lender of choice. This involves entering into a new contract with a new interest rate agreement (if applicable). You must be able to make payments according to this new agreement for this option to be viable.

Filing For Bankruptcy with Your Car Loan

Now that you have chosen which option will work best for keeping your car during bankruptcy proceedings, it’s time to begin filing for Chapter 7 or Chapter 13 Bankruptcy with your auto creditor included in those filings. All paperwork associated with these filings must be filled out accurately and completely for them to be accepted by the court system.

Once approved by the courts, an automatic stay goes into effect. This prevents creditors from taking any further action against any assets listed on these filings including vehicles.

Debtors must continue making payments on their loans during this period as required by their contracts or risk losing their cars once again due to non-payment or failure of redemption/reaffirmation processes outlined above.

Filing for bankruptcy does not necessarily mean that individuals must give up their cars to achieve financial freedom. However, the best way to protect your assets is to work with an experienced bankruptcy attorney. They can also help you with other aspects of bankruptcy, including enrolling in a mandatory credit counseling course and rebuilding your credit once you complete your bankruptcy.
Do not take your decision to file for bankruptcy lightly. It’s important to understand the process so it’s easier and less stressful. With the right guidance and research, you can take the necessary steps to keep your car while filing for bankruptcy.

For more information, contact the Law Offices of Robert M. Geller at 813-254-5696 to schedule a free consultation with an experienced attorney.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

Do Both Spouses Have to File Bankruptcy?

For some couples, filing for bankruptcy is the best way to get out from under crippling debt. But what if...
Read More

Will Bankruptcy Ruin My Life?

Bankruptcy is a legal solution for people struggling with unmanageable debt. It can be a difficult decision to make. In...
Read More

Can Bankruptcy Take Inheritance?

Are you considering bankruptcy? Do you have concerns about your assets? Can bankruptcy take your inheritance? Here’s what you need...
Read More

Can You Go to Jail for Filing Bankruptcies?

Bankruptcy is a difficult decision. However, it can be necessary if you are struggling with debt. This is true whether...
Read More

Can You File Bankruptcy If You Don’t Have a Job?

Filing for bankruptcy is an intimidating prospect. Unemployment adds another layer of complexity to the situation. Can you file for...
Read More

Who Pays for Bankruptcies?

When a debtor files for bankruptcy, the court discharges the majority of their debt. This means that the creditors must...
Read More

Do You Have to Go to Court to File for Bankruptcy?

If you are considering filing for bankruptcy, one of the biggest questions you may have is whether or not you...
Read More

Can You Rent After Bankruptcy?

Filing for bankruptcy can be an overwhelming experience, and it’s important to understand the implications of this process before you...
Read More

Can You File Bankruptcy on Unemployment Benefits?

If you’re considering filing for bankruptcy due to financial hardship, it can be helpful to understand the various options available....
Read More

Do Bankruptcies Show Up on Background Checks?

The decision to declare bankruptcy can be difficult, and it is important to be aware of the potential consequences. One...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions