IfIwant to file bankruptcy butI have a car loan, canI keep my car and contiune to pay theloan?

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IfIwant to file bankruptcy butI have a car loan, canI keep my car and contiune to pay theloan?

Asked on December 18, 2011 under Bankruptcy Law, Illinois

Answers:

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

Answered 9 years ago | Contributor

You can keep the car and continue making payments on the loan.  This is called reaffirmation of a debt.  On the bankruptcy schedules (forms) you list the creditor and state your intention to reaffirm the debt.  You list all creditors on the bankruptcy schedules (forms).  When your bankruptcy is filed with the bankruptcy court, the court sends a notice to all creditors you have listed that you have filed bankruptcy.  When you reaffirm a debt, the creditor might offer you better terms for repayment of that debt.


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