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Bankruptcy Q&A - What happens to my car in bankruptcy?

What happens to my motor vehicle in bankruptcy?

May 1, 2012

In chapter 7, some people keep their vehicles and continue making the same payments. Others allow repossession and bankruptcy wipes out the debt. Others qualify for redemption, which allows them to refinance the loan at a lower balance than what is owed and keep the vehicle. In chapter 13, some people keep the vehicle and make the same payments. Others reduce the interest rate and spread the payments over a longer period. Still others surrender the vehicle and pay little or nothing on the balance. We can explain this in more detail if you call us for a consultation.

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