 One of the most common concerns people have when considering bankruptcy is whether they will be allowed to keep their car. Most families in the United States don’t have the option of relying solely on public transportation, and our cars are absolutely necessary for getting our kids to school, or getting us to and from work, the grocery store and most other errands that come up on a daily basis. Quite frankly, most of us would have to completely change our lives if we didn’t have our cars. The Bankruptcy Code recognizes this fact, and provides various methods for debtors to protect their cars.
If you are considering filing bankruptcy, rest assured that you will be able to keep your car in the overwhelming majority of cases unless you choose to surrender it. Further, through bankruptcy you may be able to lower the interest rate on your loan, or, if it is in your best interests, to walk away from the car and the debt altogether. Your bankruptcy attorney will help you make the decision that is right for you.
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