How To Save Your Car During Bankruptcy Or A Bad Financial Bind

By Author: Mr Hua
Total Articles: 3
Comment this article

With the help of a professional attorney, such as attorney Allan R Bloomfield, you will find yourself in position to move through the bankruptcy process without having to give up everything. While you are sure to run into difficulties along the way, the fact of the matter remains the same: you need an experienced lawyer on your side who is able to provide you with the knowledge necessary to help you get your financial life back on track.

Are you interested in saving your car despite the fact that you are faced with bankruptcy proceedings? Although you may feel that this is a lost cause, you could be surprised at what happens next. There are some steps you can take to keep your car, even though you are losing a lot of other assets that may be important to you.
When the car is financed and you are current with your payments, you are typically allowed to keep your vehicle. This is the case because your vehicle is typically below the exemption or the amount you are allowed to keep, which is $4,000 in the state of New York.

In some situations, your car may be valued at more than $4,000 above the balance of the ...
... loan. While you may feel that this is going to work against you, remember one thing: there is a lot of work involved with picking up the car, storing it, insuring it, selling it at auction, paying the loan, etc. For this reason, you may be allowed to keep the car as long as you continue to make payments in full and as scheduled.

What happens if my payments are past due? In this situation, you should think about contacting the Allan Bloomfield Law Firm. In other words, you want to have somebody with knowledge working on your case.

Contrary to popular belief, the car company and bank does not want your car back. They would rather have the money. In fact, they lose out on the deal when they get the car back because they have to go through the repossession and sales process.

When behind on your payments, you can put them into a plan with the idea that you will pay over the next three to five years. During the time you are making up these payments, it goes without saying that you need to stay current.

Do you have any more questions regarding whether or not you can keep your vehicle in bankruptcy? Since you likely don't have a good working knowledge of the industry, you will need to contact a qualified attorney who can discuss the finer details with you. In the end, you may learn that you are able to keep your car.

Don't automatically assume that you are going to lose your vehicle just because you have declared bankruptcy. This information should go a long way in showing you that this is not always the case. The fact of the matter is that you have a good chance of retaining your vehicle, as long as you own it outright or are willing to continue to make payments.

Learn more about the Allan Bloomfield Law Firm including how they can help with bankruptcy cases in the state of New York. Visit http://www.bloomfieldlaw.com for more information.