You can keep your car, if your bankruptcy schedules exempt the equity value in your car and you keep making your payments in time during the course of the of your bankruptcy case. The exemptions necessary to keep your car are complex and must be filed properly. The experienced bankruptcy attorneys at King & King can explain the process and help you keep your car.
Most people can keep their cars in bankruptcy with little worry. Bankruptcy laws protect property that is needed to start over once your debt is wiped out. A car is one of the basic pieces of property you need to rebuild your credit, stay employed and take care of your family.
A big worry for most people considering bankruptcy is what will happen to their car. The purpose of bankruptcy is to give you a fresh financial start, and the law recognizes that to have a fresh start, a debtor usually needs a car to survive.
Of course, if your vehicle payments are unduly burdensome, you could stop making them, file chapter 7 bankruptcy, and any balance owed to the lender should be discharged. Relief from the automatic stay will typically be granted to the lender upon the filing of a motion and, after entry of an order, repossession can quickly follow.
Call the bankruptcy attorneys at King & King today for a free consultation. We will help you to a brighter financial future 404-524-6400 or visit us online at www.kingandkingattorneys.com