If my car was repossessed yesterday, which Chapter of bankruptcy will get my car returned to me the fastest?

A 7 or a 13?

Asked on March 31, 2014 under Bankruptcy Law, California


SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 6 years ago | Contributor

It doesn't matter: in regards to a secured loan, such as your car loan (that is, a loan were property acts as security for the loan), either type of bankruptcy will return your car IF you reaffirm the loan: that is, work out an agreement with the lender to keep paying it. If you do not reaffirm the loan, then even though you filed bankruptcy, they will be able to take the car--though they will not after that be able to sue you for any remaining balance due (that is, any amount or portion of the loan exceeding the then-current value of the car).

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