What happens to my car loan if you file for Bankruptcy?
What will happen to your car loan in bankruptcy law depends on several factors, including: the balance due, the chapter of bankruptcy that you file, and your ability to pay the loan. Even though the loan itself may change slightly through bankruptcy, it is likely to remain very much the same as when you first entered the bankruptcy. The amount you owe before bankrutpcy is generally the same amount you will owe after bankrutpcy. The advantage of bankruptcy, however, is that it usually results in the reduction of other debts, so that you can afford to make the payments on your secured obligations, like a car loan. If you owe a small amount, it may be worth trying to pay the note. Of course, you should discuss your options with a local attorney.
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