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Will I lose my car in a Chapter 7 bankruptcy?

If you have secured car debt that is less than three years old, you must either pay off the full amount of the loan or lose your car. You must also make lease payments if you are leasing a car.  Leased cars may not be sold in the liquidation process because you have no equity (ownership rights) in a leased vehicle. If, on the other hand, you own your car outright, i.e. do not owe money on it, you may end up losing the vehicle.

To find out more information about what you need to do to complete a Chapter 7 bankruptcy in Minnesota, please contact an experienced Minneapolis Chapter 7 bankruptcy lawyer at (952) 388-2942 or (800) 619-8991 and please read our FREE book: What You Need to Know About Filing Bankruptcy in Minnesota.

Barry Rosenzweig
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Barry Rosenzweig, has 25 years experience as an attorney helping clients solve their legal problems.