What will happen to my car loan specifically if i go bankrupt? Do I lose the car? What about the loan? I still owe like $39K on the car. and is it possible to exclude certain bills from the bankruptcy? like say I want to keep one credit card.

Answer:
Wow..some really crappy answers. You can gain more bankruptcy information at www.usbankruptcy.gov You can contact a local bankruptcy attorney in your area, most will see you free the first consultation and after reviewing your information be able to tell you what you qualify for. If you have the loan on the car and you want to keep the vehicle, you can keep in either a chapter 7 or chapter 13 filing, you would re affirm the loan (continue to pay as usual) or in a chapter 13 you would pay into a plan payment and the trustee would send payment for the car. Read up on the website I gave you, it’s the official bankruptcy website and has excellent information on each chapter and what they entail and what is required. With the new bankruptcy laws, sorry, but your credit cards will have to go. You can no longer pick and chose what you include other than a home loan or car loan, you leaving one credit card out is impossible. You are looking for a fresh start, so, get rid of it all and then work on re establishing your credit from that point. An example: If you qualify for a chapter 7 bankruptcy and re affirm on the car note, as you continue to pay on the loan and the bankruptcy at that point would be discharged, you would already be re establishing your credit by continuing to pay on the loan and make a good payment history again. I filed and I discharged in 02/08 Have already had a motorcycle loan and traded just this past March for a large one with an income verification and W2’s from last years wages. My income has changed a lot, so that’s all I needed to get the loan. My interest rate is a little higher, but I knew that going into the loan, as well as I had a rough idea of a payment, and figured that in with my monthly budget. Credit after a bankruptcy filing can be done, it takes hard work and will power to control what you spend and get your credit back to where you want it to be. Good Luck!

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