Keeping a Car in a Bankruptcy
A San Jose bankruptcy attorney comments on keeping your automobile when filing bankruptcy...
Bay Area consumers in debt often ask San Jose bankruptcy attorneys this question when considering bankrupty: What about my car?
While you may be considering bankruptcy in order to eliminate your debts, you are likely to have a debt or two that you want to keep. If your car is financed, it is likely you want to keep it since you need a vehicle and may not be able to get a car loan immediately after bankruptcy. Fortunately this is something the bankruptcy courts understand, so there are ways to keep your car when filing bankruptcy.
One way of doing this is to reaffirm the loan with the lender, which they will usually give you the option of doing. It is in their best interest for you to reaffirm the loan rather than surrendering the vehicle and discharging the debt. In fact, most debts (including credit cards) can be reaffirmed in a bankruptcy if the creditor chooses to grant this option.
Through bankruptcy law you also may qualify for car loan redemption. With car loan redemption you can actually reduce the balance of your car loan to the fair market value of the vehicle, which can be a big discount for those who are upside-down in their vehicle. To determine if you qualify for car loan redemption and to have all of your bankruptcy questions answered, it is best to contact a bankruptcy attorney. Our firm offers free consultations, so if you are near one of our offices feel free to contact us for your free consultation.
If you have a question regarding Bankruptcy in San Jose please contact us at 408.279.2288 or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our San Jose bankruptcy attorneys we can schedule you a free face to face appointment in our office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your case. If you have questions about filing a chapter 7 bankruptcy, a chapter 11 bankruptcy, a chapter 13 bankruptcy, lien stripping, cram down, stopping a foreclosure or wage garnishment, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California who can assist your financial needs. Please feel free to complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.
