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
