If I’m filing for Chapter 7, what do I do about my car?
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If I’m filing for Chapter 7, what do I do about my car?
I don’t have a lawyer representing me. I am paying for my car through a financial services company. I would like to retain my car and continue paying for it. However, the finance company wants me to sign some documents to reaffirm the loan. should I sign and return the documents? What happens if I don’t agree to reaffirm the loan? Can they reposses my car even if I’m current with my payments?
Asked on December 24, 2012 under Bankruptcy Law, California
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
If you do not reaffirm the loan you have with your vehicle the lender cannot repossess the car so long as you are current on your payments as to it. I suggest that you may want to consult with a bankruptcy attorney as to the matter you are writing about and if you cannot aford one, consult with your local legal aid clinic.
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