Tdelas's Blog

Legal news and information for business and personal needs

Keep your car in bankruptcy

Your finance company has the right to repossess your car in Ch. 7 bankruptcy even if you make
all the payments on time. In order to keep the car you MUST execute a Reaffirmation
Agreement and the court must approve it. This agreement shows how much you’re going
to pay every month and presents a good opportunity to renegotiate the payment terms. It is
important to plan on how you will be able to make the payments before the bankruptcy is
filed, so the judge can tell that you have enough income to make the payments. If this is
not done properly you may need to surrender the car that you actually need for work,
business, etc.

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November 19, 2009 - Posted by | Bankruptcy | ,

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