Car Loan Debt Consumer Bankruptcy

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Many people are concerned about whether they will be able to keep their automobile if they file for bankruptcy.


It makes sense: we live in a country in which car ownership is by and large a necessity. Even in New York City, the transit system is often inadequate when it comes to getting us where we need to go these days.

For the most part, you’ll be able to keep your car if you file for bankruptcy in New York State. If you own the car outright and it is worth less than a certain amount, it can be considered exempt property under New York and/or federal bankruptcy law and you can keep it. If you are still making payments on the car and want to keep it, you’ll have to still keep doing so. In Chapter 7 bankruptcy, also known as liquidation, you’ll need to become current on your car payments immediately. In Chapter 13 bankruptcy, also known as reorganization, a payment plan is designed that takes all of your debts into account, your car loan being one of them.

Debt doesn’t have to run you off the road. Call our office to find out more about bankruptcy relief today.

Fill out the form below or call us at 646-326-9971 for a free in-office consultation.

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Bradley R. Bailyn, Esq. , Founder

Bailyn Law provides comprehensive legal and advisory services in the fields of bankruptcy and out-of-court debt workouts. We serve companies and individuals who wish to restructure their businesses or their finances to improve liquidity and increase profitability. We also advise creditors seeking to protect their legal rights and economic interests.

How can we help you?

Discover the advantages we bring you. No-cost initial consultation.

6301 Mill Lane Brooklyn, NY 11234

One Rockefeller Plaza, Tenth Floor New York, NY 10020

Contact Us

The Bailyn Law Firm, P.C

 

6301 Mill Lane
Brooklyn, NY 11234

 

One Rockefeller Plaza, Tenth Floor
New York, NY 10020



We believe in action. We’ll reply within 2 hours.

Call 646-326-9971 or fill the below form and we'll get right back to you.

6301 Mill Lane Brooklyn, NY 11234

One Rockefeller Plaza, Tenth Floor New York, NY 10020

THE BAILYN LAW FIRM, P.C.

Image Image

Bradley R. Bailyn, Esq. , Founder

Bailyn Law provides comprehensive legal and advisory services in the fields of bankruptcy and out-of-court debt workouts. We serve companies and individuals who wish to restructure their businesses or their finances to improve liquidity and increase profitability. We also advise creditors seeking to protect their legal rights and economic interests.

How can we help you?

Discover the advantages we bring you. No-cost initial consultation.

6301 Mill Lane Brooklyn, NY 11234

One Rockefeller Plaza, Tenth Floor New York, NY 10020

Contact Us

The Bailyn Law Firm, P.C

 

6301 Mill Lane
Brooklyn, NY 11234

 

One Rockefeller Plaza, Tenth Floor
New York, NY 10020



We believe in action. We’ll reply within 2 hours.

Call 646-326-9971 or fill the below form and we'll get right back to you.

6301 Mill Lane Brooklyn, NY 11234

One Rockefeller Plaza, Tenth Floor New York, NY 10020

THE BAILYN LAW FIRM, P.C.