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.
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Answered on Jul 01, 2021
Eric Schad has been a freelance writer for nearly a decade, as well as an SEO specialist and editor for the past five years. Before getting behind the keyboard, he worked in the finance and music industries (the perfect combo). With a wide array of professional and personal experiences, he’s developed a knack for tone and branding across many different verticals. Away from the computer, Schad is a blues guitar shredder, crazed sports fan, and always down for a spontaneous trip anywhere around the globe.
“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.”
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