If your car has been repossessed or you are concerned about losing your car, bankruptcy may provide a solution. Filing bankruptcy will put an immediate stop to a vehicle repossession. In addition, there are bankruptcy options that will allow you to keep your vehicle as long as you continue making payments. At Goldman & Beslow, LLC Attorneys At Law, our attorneys have more than 44 years of bankruptcy law experience. We are fully familiar with the issues involving vehicles and bankruptcy in New Jersey. We offer a free initial consultation to answer your questions. We offer services in three convenient locations in East Orange, Jersey City and Paterson.
Can I Keep My Car When I File Bankruptcy?
The Bankruptcy Code allows you to keep a personal vehicle as long as you are current with payments and if there is not substantial equity in the asset.
Even if you are behind with your car payments, you can file a Chapter 13 and catch up with what is owed over the life of your plan. It is important to know your rights when choosing between Chapter 7 and Chapter 13. Our attorneys will explain how you can protect your vehicle, and in some cases negotiate a lower monthly auto payment.
Can I Get My Car Back if It Has Been Repossessed?
If your vehicle has been repossessed because you are behind on your payments (on a loan, not a lease), you have a 10-day window to get your car back in New Jersey. Our lawyers can help you get your car back by filing an emergency bankruptcy.
Filing bankruptcy can also discharge debts associated with a car that has already been repossessed and sold for less money than you owe on it.
For More Information About Cars and Bankruptcy
For more information, call our experienced Essex County, New Jersey, bankruptcy lawyers today for a free one-half hour consultation at 973-414-8069. Our lawyers serve Essex, Union, Hudson, Passaic, Bergen, Morris, Middlesex, Sussex and other New Jersey counties.