Wednesday, September 2, 2015

FAQ - Bankruptcy: Will I lose my car if I file for Bankruptcy?

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No, as long as you have sufficient income to continue to pay for your vehicle, you should not lose your car. If you are current on your payments when you file a Chapter 7 bankruptcy, you may be able to formally reaffirm the loan agreement, which must be approved by the court. Also, you can agree to" pay and retain" the car with the loan company. Even if your payments are behind and your car is threatened by repossession, a Chapter 13 bankruptcy may be used to cure the existing arrears.

If you want assistance, legal representation, or just want to know more about Mark Medvesky or Wells, Hoffman, Holloway & Medvesky LLP, check out our website at

Another article that may interest readers: Bankruptcy Exemptions - what are they?
#bankruptcy #Chapter_7 #Chapter_13 #Montgomery_County #law_firm #Bucks_County #Pennsylvania

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