If you are thinking about filing for bankruptcy you may be worried you will lose your car. If you do not own your car, can it be repossessed? Can it be left out of the bankruptcy? King & King is here to help.
If you are filing under Chapter 13 bankruptcy, you will be
able to keep your car as long as you keep making your Chapter 13 plan payments
and otherwise comply with your bankruptcy plan. Under Chapter 7 bankruptcy,
whether you keep your car will depend on your ability to make payments. In
Chapter 7 bankruptcy, your attorney can file a “Statement of Intention”
indicating whether you want to keep or surrender the vehicle. If you cannot
afford the monthly payments on your car loan, then you may consider
surrendering the car. The auto loan balance will be fully discharged in your
Chapter 7 bankruptcy. Your bankruptcy attorney will work with you to keep your car.
King & King has been helping people in Georgia gain a
fresh start for over 40 years, and we understand everyone's financial
circumstances are unique. To find out
what bankruptcy will mean to you, contact King & King today to schedule a
free initial consultation at 404-524-6400.
