Legal Question in Bankruptcy in Minnesota
What are some options when it comes to filing for bankruptcy but without losing a vehicle?
Asked on 9/16/10, 7:28 am
2 Answers from Attorneys
Nathan Hansen
Nathan M. Hansen, Attorney at Law
There are definitely options to keep your vehicle in bankruptcy. It depends on several different facts and circumstances, but most of the time people can keep their vehicles.
Feel free to give me a call for a free consultation about your case.
Nathan Hansen
651-704-9600
Answered on 9/21/10, 12:09 pm
Sam Calvert
Calvert Law Office
Assuming you are talking about a chapter 7, and assuming that your car is security for a loan, there are three "official" options -- surrender (turning it in); redemption (paying in one lump sum the present fair value of the vehicle) and reaffirmation (signing a new contract). The so-called "fourth option" is "keep and pay". There are hazards with the "fourth option", by the way.
Answered on 9/21/10, 7:08 pm
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