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car with 1 1/2 years payments left to own, can we keep it.

Hi, we have a chrysler neon with 110k that has about a year and a half left of payments. The bank the payments come out of is part of my bankrupcy claim because of line of credit and credit card. Can the car be claimed under bankrupcy or if we have to keep making the payments, will the bank just take them out of the account so they won`t get processed?

Posted from: British Columbia

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One Response to “car with 1 1/2 years payments left to own, can we keep it.”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If the bank has valid security on the car then this is a debts that is not released by bankruptcy. Meaning the only way for you to keep the vehicle is to continue to make the payments, failure to do so will result in seizure of the vehicle.