If you own a car, we appreciate how valuable it is to you.  Many people in the Bay Area enjoy life without a car.  For others, however, that’s not the case.  You need to get to work and you need the freedom and independence to carry out your life.  For many people, car ownership is also a sense of pride and can even be a hobby.

In most cases, if your car is financed and you’re current on the payments, we can help you to keep it.  Additionally, in a Chapter 13 bankruptcy, it may be possible to reduce the payments by spreading the balance of the loan over a longer period of time.  It may also be possible to reduce the outstanding balance from the loan amount to the “market” value of the car through what is called “lien stripping”.

If you own your car, we can use the exemption laws to your advantage to protect your car from creditors to the extent legally permitted.

If you’re behind on your car loan payments, filing a Chapter 7 or Chapter 13 bankruptcy petition will halt any repossession actions and give you the breathing room to assess your economic situation without the pressures of a pending action.  Moreover, it may even be possible to get you car returned if has recently been repossessed.

If you are struggling with debt, and want to discuss your bankruptcy options with a San Francisco Bay Area bankruptcy attorney, please contact us for a free consultation.