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  1. #1

    Default Can You Keep Your Car in Chapter 7 Bankruptcy

    My question involves bankruptcy in the state of: Georgia

    Hey, can I keep my car under chapter 7, I ended up in a bind financially and just got a brand new 2017 dodge journey and I don't want to get rid of it. My financial institution is Capital One Auto. I'm still fresh to this whole thing the attorney did tell me that I can keep the car, all I would have to do is call them once its being processed and do a "reaffirmation" on the loan. Can someone explain to me what that is?

    My lawyer says I can keep it, I would have to do a reaffirmation with Capital One Auto...I just like to hear 2nd Opinions.

  2. #2
    Join Date
    Oct 2014
    Posts
    8,238

    Default Re: Hey Can I Keep My Car Under Chapter 7

    Typically you owe more on the vehicle than the vehicle is worth, so there is no value to the trustee in selling the vehicle to pay any creditor other then the lender that did the vehicle loan. If you want to reaffirm the loan and the lender is willing to do that, then you likely can keep the vehicle, if you can make the payments.

    But if you are in bad financial straits, that may not be a wise choice. It always amazes me that people in financial trouble want to buy/keep new cars and fork out the money on a depreciating asset when a used car would be a much smarter financial move.

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