How to Keep Your Car When Filing Chapter 7 Bankruptcy

One of the most common misconceptions about filing for Chapter 7 bankruptcy is that a filer will lose many or all of his or her personal property in the effort to eliminate debts. And while Chapter 7 bankruptcy may involve liquidating certain assets, in most cases a filer is able to keep most, if not all, of his or her possessions. Many people worry about the possibility of losing their automobile. There are certain cases where you may have to give up your vehicle, but in many instances, a bankruptcy lawyer can work to make sure you do not lose your car.

If you are in financial trouble and are considering bankruptcy, you need the help of an experienced attorney who can help you to retain your automobile. Contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A., at 561-353-2800 today.

Keeping Your Vehicle

To avoid being forced to sell your car to generate funds with which to back creditors, you can use one of two methods. The first is called redemption. This gives the debtor a chance to pay off the balance on the loan so he or she can legally own the car.

The second method a debtor can use is known as reaffirmation. In this case, the debtor can create a payment plan and continue paying off the balance. In some cases, your bankruptcy attorney can have your vehicle exempted from consideration in the bankruptcy case altogether.

Contact Us

At Eric N. Klein & Associates, P.A., our team of West Palm Beach bankruptcy attorneys will help you every step of the way. Contact us today at 561-353-2800 to learn more about the possible advantages of filing for bankruptcy protection in your current situation.