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Transcript:
00:00:00 If you file a bankruptcy, can you keep your car? Uh, yes. Generally speaking, you can. If you file a chapter 7 and you have a car with a loan on it, you can reaffirm that debt, which basically means it reobligates you to the debt and you keep making the payments and then it continues right on through the bankruptcy under the same terms, same payment, same payment amount, same interest rate as what you had before the bankruptcy. Um, if your car is paid off and it has a lot of equity, you may not
00:00:31 have enough exemptions in a chapter 7 to keep it. You might then have to file a chapter 13 repayment plan, which in a chapter 13, you keep your stuff and you just make payments over time. If you’re behind on your car and you’re worried about keeping it because you’re facing a repossession, you can also use a chapter 13 to catch up the payments and stop any repossession.