' How to File for Bankruptcy and Keep Your Car - Law Offices of Robert M. Geller, P.A.

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.


Video Testimonials

Tampa Bankruptcy Law Blog

Are Trusts Protected from Bankruptcy?

Trusts are powerful estate planning tools. They allow people to protect and distribute their assets according to their wishes. This...
Read More

The Truth About Bankruptcy and Buying a Car

The Truth About Bankruptcy and Buying a Car Bankruptcy often carries a stigma of financial ruin and a bleak future....
Read More

How Do Bankruptcy Lawyers Get Paid?

Bankruptcy can be a stressful and overwhelming experience, but having the right legal representation can make all the difference in...
Read More

Do You Lose Your Home When You File for Bankruptcy?

Filing for bankruptcy can be a daunting prospect, especially when it comes to concerns about losing one's home. Your home...
Read More

Can You File Bankruptcy During a Divorce?

Divorce and bankruptcy are personally difficult and also complex legal processes that can have significant implications for your financial future....
Read More

Can You File Bankruptcy on Restitution?

Facing financial struggles can be overwhelming, especially when debts include complex legal obligations like restitution. What is restitution and how...
Read More

Can You File Bankruptcy After a Judgment?

Receiving a judgment against you in a lawsuit can be a distressing experience. This is especially true if you're already...
Read More

Can Back Taxes Be Included in Bankruptcy?

Dealing with back taxes can cause a lot of stress and financial burden for anyone facing financial hardship. If you're...
Read More

Can an Estate File for Bankruptcy?

Many people wonder whether or not an estate, such as the one left behind after someone passes away, can file...
Read More

How Long Should I Keep My Bankruptcy Discharge Papers?

If you've successfully navigated the bankruptcy process and received your discharge papers, congratulations are in order. It's a significant milestone...
Read More


For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More


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


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