Debt and Bankruptcy
Income Garnishment

Is it better to declare bankruptcy or have your car repossessed?


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Wiki User
2015-07-16 18:10:46
2015-07-16 18:10:46

BK only stops the repo process until the BK is discharged. BK does not mean you can keep the car without paying for it.

My opinion? Give the car back.


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No you can't be sent to prison.You can declare bankruptcy .

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not if you still owe money on it

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Depending on your state... a car that is included in a Chapter 13 Bankruptcy cannot be repossed. The Bankruptcy laws protect you from repossession. Just as long as you are in Chapter 13 and are making payments to the Trustee, your car cannot be repossessed.

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When someone files for bankruptcy, they are protected and their possession will likely not be repossessed. However, if they are, subject to repossession you would have to talk to a lawyer in order to keep the car.

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