Can I keep my car/motorcycle if I file for bankruptcy?

By Gregory Nassar

Can I keep my car/motorcycle if I file for bankruptcy?

Generally, yes. Debtors that have a secured loan for a personal property item such as a vehicle/car/motorcycle, are permitted to retain their vehicle (with certain legal exceptions) when filing for bankruptcy relief. When filing for bankruptcy, it is crucial that the debtor(s) state their intention with such secured personal property in their petition and associated petition documents.

Typically, debtor(s) who remain current on their secured property loans prior to, during, and after the bankruptcy process are able to maintain their secured property. At times, debtors will have the option to reaffirm , not reaffirm, or surrender their secured property during the bankruptcy.

The process of filing for bankruptcy relief is riddled with sensitive deadlines and legalities. Further, adding the complexities of surrendering, reaffirming, or not reaffirming secured loans poses potentially serious ramifications to the debtor(s) if not properly handled, and thus should be handled by an experienced bankruptcy attorney. Please contact our office to schedule to obtain the experienced assistance of attorney, Gregory E. Nassar.

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