or a car and you’re entering into Chapter 7 bankruptcy, you may be able to keep the car.
If you still have multiple payments to make, you can keep the car you get up to date on your loan payments. You may be able to work out a payment plan with your lender if you’re behind on payments or can’t make a full payment each month.
Lenders would rather work out a payment plan than lose money in repossessing and auctioning off the car, so don’t be afraid to reach out.
To avoid any added expenses when you’re in bankruptcy, make sure you aren’t overpaying for your car insurance.
Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.