Can I Keep My Car in Bankruptcy?

As I have tried to explain before, there's an incredible amount of myths and misinformation your Seattle Bankruptcy Attorney is attempting to combat. People think if they have a job, they can't file; if they make too much money, they can't file; if they still have a home, they can't file. So much to write about and share.

Today, I am concerned with how to advise my clients on what to do with their car when they have made the difficult choice to file bankruptcy. When this happens, a decision must be made on the car and, of course, every situation is different. The decision always belongs to the client.

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Any number of factors need to analyzed before we can come to a coherent position on what to do with the car. Is the car financed? Does the debtor have the means to pay for the car in the future? Is the debtor behind on payments? What is the monthly payment? What is the value of the car? Is the car in good condition? What are the requirements of the client?

These factors will be analyzed to determine whether or not it would be in the best interests of the client to reaffirm the debt or surrender the collateral. Good cars with decent interest rates for clients who have work and can afford the payments can often be reaffirmed on the same terms as before the bankruptcy.

If the car is in poor condition, in need of repairs and under an oppressive interest rate, perhaps the car should be surrendered. Many people have been financed for a new car shortly after filing bankruptcy as creditors feel secure that you will not be able to discharge that debt. Many people who find themselves in bankruptcy have fought to the bitter end to pay their creditors to the best of their ability.

They resort to bankruptcy as a last resort. Often times, this means people will have a nice car repossessed and have to finance a real piece of crap. This means your Seattle Bankruptcy Attorney is most likely going to run into situations where reaffirming anything in bankruptcy is generally not preferred. There are always individual situations, however, that can call for approval of a reaffirmation agreement.

Talking with your attorney can be invaluable when making this decision. An attorney should be able to look at the numbers and help you find a way to best achieve your goals through bankruptcy. Reaffirmation agreements should not be entered into lightly.

The main point, however, is to be reminded that filing bankruptcy can give you several options on how you want to handle your property. Do not be afraid to approach an attorney and talk about your options. Bankruptcy can be a huge stepping stone out of the financial abyss and set you up for a second chance at financial security.

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