First, if you declare bankruptcy but do not include your vehicle in the filing, you can retain it.
Now, if your vehicle is paid off and you have the title, you must list it as an asset. This could cost you your vehicle in order to settle other obligations. You can refinance your vehicle or obtain a title loan so that it remains unpaid. Do this before contacting a bankruptcy attorney.
Utilize the funds from your auto loan to settle some of your debts. This will assist you because you will have a lien on your car, allowing you to keep it, and you will pay off a few debts, leaving you with fewer obligations to list in your bankruptcy.
Second, if your vehicle is already secured by a loan, you have nothing to fear about. Simply do not include it in your bankruptcy and continue making on-time payments. This will prevent your vehicle from being repossessed.
Use either of these alternatives to obtain a ""keep my car"" bankruptcy. Also, be sure to inform your attorney that you want to retain your vehicle, and they will do everything possible to make it happen.
" - https://www.affordablecebu.com/
