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Do I have to give my car back if I declare bankruptcy?
Do I get to keep my financed car if I file for bankruptcy? I might have to file for bankruptcy, but I'm not exactly sure what will happen if I do.
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“In Chapter 7 and Chapter 13, you usually keep your financed assets, provided you work out a payment plan with your creditors.
In the case of your vehicle, you can probably keep it, as lenders are willing to work with you to get some money rather than having to repo the car and sell it at auction.
Call your lender ASAP to see what their protocols and policies are on bankruptcy.”
View full answer
- Gregory R.
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