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Can you keep your car loan if you file for Chapter 7 bankruptcy?
I need to file for Chapter 7 bankruptcy, but I don’t want to lose my car loan as a result. Can I keep my car loan even after filing for bankruptcy? Or will I have to liquidate it as part of the bankruptcy process?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Bankruptcy can be a difficult, confusing process. But try not to worry! You may be allowed to keep the car after filing for Chapter 7 bankruptcy.
That being said, you must have enough expendable money to continue paying your
car loan
, and you’ll need to be up-to-date on your payments. Depending on your situation, you may even be able to *negotiate a discounted equity, which allows you to keep the car and pay less on the remaining debt.Unfortunately, bankruptcy puts you in a precarious position—so any late payments could lead to your car being repossessed.
For help keeping up with your loan payments, start saving on car insurance with
Jerry
. A licensed broker, the Jerry app can help you compare personalized quotes from over 50 top providers like Progressive and Nationwide for free. Users *save an average of $879 annually on car insurance with Jerry—and it only takes a minute to sign up!View full answer
- Gregory R.
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