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  1. #1
    Join Date
    Sep 2010
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    5

    Smile Keeping My Car in Bankruptcy

    My question involves bankruptcy in the state of: Indiana
    My lawyer has not filed our case yet for a Chapter 13 it is to be 379 a month, I was going to surrender my car but now I think I would like to keep it. I will need to call him to see what the payment plan would be if it can still be added. I was wondering if I don't include can I purchase a car with money I save after expenses. My car is worth 20,000 and I owe 26 on it. I would actually rather keep it than be without and have to find another. Anyone have any suggestions?

  2. #2
    Join Date
    Sep 2005
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    Default Re: Keeping My Car in Bankruptcy

    Your question seems to be whether you can buy a new car after going through bankruptcy; you would need to get authorization for a car loan from the trustee.

    If you want to keep the car but owe more than it's worth, talk to your bankruptcy lawyer. If you bought the car more than 910 days before you filed for bankruptcy, you should only have to repay the present fair market value of the vehicle.

  3. #3
    Join Date
    Sep 2010
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    5

    Default Re: Keeping My Car in Bankruptcy

    I spoke with my attorney this morning and I had bought it 755 days ago, so they suggested surrending since it would make may payment much higher.

  4. #4
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    Sep 2005
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    Default Re: Keeping My Car in Bankruptcy

    One more option, if you can afford it, is to negotiate directly with your lender. The lender will not get FMV if the car is repossessed - the lender will eat the repo, storage and sale fees and the car will in all likelihood get wholesale price at auction. So you may be able to convince the lender to voluntarily reduce the debt to FMV under loan terms to be approved by the trustee.

  5. #5
    Join Date
    Sep 2010
    Posts
    5

    Post Re: Keeping My Car in Bankruptcy

    That sounds all fine and good but they wouldn't even refinance it and they approved us for it until they seen we had been in default on our home loan and they are the same company on both. I said something to my lawyer about what they did and they said they just didn't want to work with us and we had never been late on a payment at all.

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