Questions about Bankruptcy

[Azrael]

What is the name of your state? California

I am considering filing bankrupt due to some debts that i cannot pay, but i have a car in my name that i can pay for, my question is will filing bankrupt affect the ownership/payments of my car?

Thanks for your help!

 

[djohnson]

I'm not sure what chapter you are considering filing. But you would be able to reaffirm on your loan if it's your choice and all your other information works out so that you can.

 

[Azrael]

I don't think i am filing for Chapter 7, because it is a personal bankruptcy. I am filing bankruptcy on another car that i had, that the company reposessed and some credit cards. I don't understand what you mean by 'reaffirm' on the loan of the car that i want to keep.

I'm sorry, i just don't understand the law.

Thanks.

 

[bigun]

Chapter 7 is personal bankruptcy.
The deficiency caused by the repo is now unsecured debt and can be wiped out right alone with the cc's.
On the car you want to keep, you may just be able to keep making the payments. Reaffirm means you want to legally maintain the current debtor creditor relationsship. If you don't make the payments, they may repo the car and come after you for the balance. If you don't reaffirm, just keep making payments, you can give up the car anytime post bk and not be liable for a deficiency.
Most bk lawyers give free initial consultations. Talk with a couple and get all of your options explained.