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my car is about to be repo by the bank can I file bankruptcy under chapter 13 to keep my car?
2 Answers
- DLeibowitzLv 52 decades agoFavorite Answer
Chapter 13 allows you to satisfy arrearages. But it may not be in your best economic interests to file a chapter 13. The car is probably worth much less than you owe on it.
On the other hand, chapter 13 may allow you to avoid a deficiency judgment if the car is repossesed. You have to figure out the economic costs and benefits of both options.
Talk to a good consumer bankruptcy attorney. Try www.abcworld.org and select a good "board certified" consumer bankruptcy attorney
Source(s): www.abcworld.org - LisaLv 52 decades ago
If that is the only debt you owe, you might now even get to file. New laws dictate that you should attempt to consult a credit counseling agency before attempting to file bankruptcy. And chapter 13 takes a looooong time to pay off.
Source(s): Here are some handy links: http://www.guam-lawyers.com/bankrutpcy,_chatper_13... http://www.ftc.gov/bcp/conline/pubs/autos/carrepo....
