Do I Lose My Car If I Declare Bankruptcy?

One of the worst things about being in serious debt is not being able to pay your bills. If you have a car loan, eventually you will be threatened with repossession. Then it becomes a vicious cycle of needing to work to pay your bills, but not being able to work if you do not have a car.

Creditors are unsympathetic about your livelihood; all they care about is getting paid. "How can I save my car?" is one of the more common questions our bankruptcy attorneys are asked. Fortunately, it is possible to keep your car.

Filing For Bankruptcy Can Save Your Car

Filing for bankruptcy puts an automatic stay in place. This prevents creditors from pursuing payment for debts as soon as they receive notice of your filing. An automatic stay also stops lenders from repossessing your property, including your car.

Once you have filed for bankruptcy, if you want to keep your car and continue to pay the loan, you can reaffirm that debt with the lender. Our lawyers can help you with this process and make sure the arrangement is fair to you.

It is important that you get the automatic stay in place as soon as you find out that your car is in danger of repossession. Acting quickly can save a lot of trouble. Our attorneys will guide you every step of the way so you can eliminate your debt and get yourself back on track.

Our Attorneys Focus On Bankruptcy

Attorneys Bruce Levitt and Shelley Slafkes have helped thousands of people during their 30-plus years of practice. Levitt & Slafkes, P.C., was formed to serve clients who are in need of debt relief, who want to fight foreclosure or want to find a better solution to their debt problems.

We look at your specific financial situation and work with you to resolve it. We want you to have a clean slate as you start over.

How To Contact Us

Contact our office in Maplewood to schedule a free initial consultation to discuss your options. You can reach us by filling out our online form or by calling 973-323-2953.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.