How to Keep Your Car in Chapter 7 Bankruptcy

Filing for bankruptcy can get help you achieve debt forgiveness, but this typically comes at the price of forfeiting ownership of certain assets. Unfortunately, this can sometimes mean losing your personal vehicle. Many people cannot afford to lose access to a vehicle because it helps them get to a job each day and earn the money they need to provide for a family. If you are thinking of filing for bankruptcy but need to keep your vehicle, you should talk with a bankruptcy attorney about your legal options.

To learn more about how to keep your vehicle during Chapter 7 bankruptcy, do not hesitate to contact a qualified Boston bankruptcy lawyer of Joshua Spirn & Associates today at 800-975-5346 and schedule a free consultation with a qualified attorney. We will sit down with you and lay out your legal options for getting a fresh financial start.

Methods for Keeping Your Car

When one files for Chapter 7 bankruptcy, he or she must liquidate assets to pay back creditors. To keep your vehicle during the bankruptcy process, you can use one of two methods. The first method, called redemption, lets the debtor redeem the vehicle by paying off the remaining balance of the loan.

The debtor can also choose to keep his or her vehicle through reaffirmation. Under this method, he or she can choose to take on a monthly vehicle payment. This is a great way to keep your car and also help rebuild your credit.

Contact Us

If keeping your vehicle is a priority for you during the bankruptcy process, you need the professional help of a qualified bankruptcy lawyer. Contact the Boston bankruptcy attorneys of Joshua Spirn & Associates today at 800-975-5346 and take control of your financial future.