While the answer to this question depends on your current situation, it is definitely a possibility if the facts are in your favor. When you file for Chapter 7 Bankruptcy, you have the opportunity to reaffirm on secured debts. However, you must be current on the debts and you must be able to afford the payments once you receive the relief to which you are entitled under the Bankruptcy code. Let’s look at a few items that will be determinative in your case.
First, you must be eligible to file for Chapter 7 Bankruptcy. Many factors go into this
determination including income, household size, monthly living expenses, prior filings, and
assets. Even if you are not eligible to file under Chapter 7, there are numerous other avenues of debt relief that you can pursue. In order to determine your options, please contact our office nearest you for a free, confidential consultation with one of our attorneys.
Second, you must be current on your vehicle payments. In order to retain your vehicle that is subject to a lien by a creditor, it is imperative that you do not have a deficiency on your account at the time of filing. If you do not, you can continue paying for the vehicle, retain it, and still receive the benefit of Chapter 7 relief on your other debts.
Ultimately, your current situation will determine whether you are able to retain the vehicle. Even if it is not a possibility under Chapter 7, there are other options that you have to retain the vehicle and still acquire debt relief. If you need such relief, please contact our office nearest to you to set up a free private and confidential consultation visit with one of our licensed attorneys.