All those bills you've been unable to pay are about to go away and now you can make a fresh start with your finances. You may have heard that chapter 7 bankruptcy is also known as the liquidation bankruptcy, and that issue is not as well understood as the debt relief angle. Read on to learn about the power of the bankruptcy exemption when it comes to hanging on to property like your vehicle.
What Are Bankruptcy Exemptions?
You might want to think of a bankruptcy exemption as a way to reduce the value of your property. Why would anyone want to do that? It's all connected to the way chapter 7 filers are subject to the seizure of assets. That sounds a bit scary, but you should know that very few filers ever lose any property like a car or other assets. Here is what to know about bankruptcy exemptions:
Repossessions, Bankruptcy, and Reaffirmations
While an exemption could keep your vehicle safe from seizure, you must not allow it to be repossessed. Once you file, your vehicle has only limited protection from repossession if you are behind on your auto loan payments. Speak to your bankruptcy lawyer about continuing to make payments on your auto loan and about reaffirming your loan. Doing so can help you keep a vehicle as long as you promise to continue paying the loan as previously agreed.
Consult with a bankruptcy lawyer to learn more.
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