My question is wether or not you can keep your vehicle which you are still making payments for, during a bankruptcy.
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Keeping your vehicle when filing for bankruptcy.
One Response to “Keeping your vehicle when filing for bankruptcy.”
Whether or not a vehicle can be retained in a bankruptcy largely depends on the creditor. Some creditors require vehicles to be surrendered in all cases of bankruptcy. Other creditors look at each client individually to make the determination. A good payment history in the latter case makes it more likely that the creditor will allow you to keep the vehicle. If an individual is considering bankruptcy, we strongly encourage him or her to insure that keeping the vehicle makes good financial sense. If it doesn’t, the vehicle can be surrendered. Rules differ between various banks and leasing companies, and the rules change frequently. If you are considering filing bankruptcy, please feel free to e-mail, or call us at 905-777-0770 to arrange for a free consultation.