Legal Question in Bankruptcy in Arizona

cAN i KEEP MY VEHICLE

I have a 2008 Dodge Ram pickup that I still owe 50,000 plus and its worth only about 29,000, can i keep this under bankruptcy law. It is my only vehicle and I have a wife and three children


Asked on 12/06/08, 8:41 pm

1 Answer from Attorneys
Jeff Biddle Biddle Law Firm, PLLC

Re: cAN i KEEP MY VEHICLE

You may be able to, but I'm not sure why you would want to. Depending on your financial and credit situation, I'd consider buying another similar truck for 29000 and letting them repo the one that you owe 50k on. I'm a bankruptcy attorney and that scenario makes far more sense to me than keeping a car that far underwater. In a chapter 7 bankruptcy, too, there is a chance that the judge would not let you reaffirm that loan because it is worth so much less than you owe. DO NOT TRADE IT IN, THOUGH!!!

Call me. I'd love to talk to you more about your situation and how to best set you up for a fruitful life after bankruptcy.

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Answered on 12/07/08, 1:41 am


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