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What should I do with my car loan during bankruptcy?

I'm in the midst of Chapter 7 bankruptcy. I have a car loan and I'd like to keep my car, but I'm not sure how to do it. Any tips?

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Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you have a
car loan
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’s
free comparison shopping service can help you find a more affordable rate for the coverage you need.
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