Are you thinking about filing for Chapter 7 bankruptcy? If so, you might wonder, “Will I lose my car? ”
Your car isn’t just for getting around—it helps you get to work, see family, and manage your life. The good news? You can keep your car, even if you still owe money on it. Here’s how to protect your car while starting fresh with your finances.
Why Finance Companies Want You to Keep Your Car
Finance companies don’t want your car; they want you to keep making payments! Taking cars back and selling them costs time and money, and they usually end up with less than what you owe. So, they’d rather have you keep the car and keep paying. If you can meet certain conditions, you’ll probably be able to keep your car through Chapter 7.
Three Simple Steps to Keep Your Car
Here’s what you can do to protect your car:
- Stay Current on Payments
If you’re up to date on payments, lenders will let you stick with the original plan. But they might try to take back the car if you fall behind. - Have Proper Insurance
Insurance protects both you and the lender’s interest in the car. - Show You Can Pay After Bankruptcy
Make sure you have a budget that shows you can pay for the car and cover other important expenses.
Get Expert Help to Protect Your Car and Future
Filing for Chapter 7 can feel like a lot. But with a good bankruptcy attorney, you can protect what matters. At Robert J. Adams & Associates, we’ve helped many clients keep their cars and start fresh.
When you work with us, you get more than advice. You get a team who cares about your success. We know how important your car is, and we’ll work to get the best results for you.
Contact Us Today for a Free Consultation: 312-804-1944
You don’t have to face bankruptcy alone. Reach out today for a free consultation and see how Robert J. Adams & Associates can help with your finances. We’re here to guide you every step of the way—protecting your car, your peace of mind, and your financial future.