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  1. #1
    Join Date
    Jul 2009
    Posts
    2

    Default Surrendering Auto in Chapter 13

    My question involves bankruptcy in the state of: Texas

    If I elected to file a chapter 13 in Texas, and I surrender my vehicle. Is it treated pretty much the same as a repo in regards to the deficiency?

    We have a $1023 per month auto payment. (I know...we're stoopid)

    We can't afford this any longer.

    We don't know if we should file chapter 13 or simply let the car go back to stay out of a 13.

    thanks,
    kegger

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Surrendering Auto in Chapter 13

    A bankruptcy will be more damaging to your credit than a repo, and will stay on your credit report longer.

    Your best option is to sell the car and pay off the loan, covering the difference between what you owe and the sale price out-of-pocket.

    You should be able to get a free consultation with a bankruptcy lawyer.

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