If my truck was hit in a parking lot and the insurance company totaled it but it’s included in my bankruptcy, after the truck is paid off do I get to keep it?

Or do I have to buy it back from the insurance company?

Asked on June 9, 2015 under Bankruptcy Law, Florida

Answers:

S.L,. Member, California Bar / FreeAdvice Contributing Attorney

Answered 5 years ago | Contributor

In your bankruptcy, you can state your intention to reaffirm the debt.  Reaffirmation of a debt means you continue making payments on the truck and keep it.  When you reaffirm a debt, the creditor might offer you better payment terms at the first meeting of creditors (341 hearing).


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