I'm often asked if people can keep their house and car if they file bankruptcy. The short answer is usually "Yes", if they keep making the payments.
The longer answer is that if you're behind in the payments for either your house or car, you would have to make up those back payments as well as make the payments as they come due.
• In a Chapter 7 bankruptcy, the type that gets rid of your debts quickly, you would have to make up the back payments quickly.
• In a Chapter 13 payment-plan bankruptcy, you can pay the full back amount owed monthly over time (three to file years depending on your situation). Of course you would have to be able to afford to do that as well as keep up with the current monthly payments.
If this article applies to you, do yourself a big favor and get a consultation with an experienced bankruptcy attorney in your area to review your entire financial situation.
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