Re: Bankruptcy

Posted by LadynRed (68.32.101.73) on November 12, 2003 at 22:53:03:

In Reply to: Bankruptcy posted by ** Ready to Go Home ** on November 12, 2003 at 17:32:12:

If your car is financed, then you can either reaffirm the loan and keep paying, but you're still liable for the debt. If you do NOT reaffirm, but keep paying, the lender most likely will let you keep the car. The difference is if you use the 2nd option, then if you decide you can't afford to keep the car, you walk away with NO liability owing at all.

Ch 7 is most likely what you'd use, unless you've got a house with a ton of equity or lots of disposable income, you likely would not need a Ch 13 (payback plan).

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