Husker Law

Free Consultation

Call 402.415.2525|BOOK NOW

  • About Us
  • Meet Our Team
    • Michael J Sands
    • Aaron C Wegner (1981-2020)
    • Keith M Buzzard
    • Ryan A. Steen
  • Practice Areas
    • Divorce
      • $1000 Uncontested Divorce
      • $1200 Uncontested Divorce
      • Annulment
      • Legal Separation
      • Prenuptial & Postnuptial Agreements
      • Collaborative Divorce
      • Divorce Mediation
      • Military Divorce
    • Bankruptcy
      • Chapter 13 Bankruptcy
      • Chapter 7 Bankruptcy
    • Family Law
      • Child Custody
      • Child Support
      • Paternity Cases
      • Guardianship
      • Domestic Violence
    • Other Practice Areas
      • Restraining Order
  • Blog
  • Contact

Auto Loans In Chapter 7 Bankruptcy Pt. III

October 22, 2013

REAFFIRMING YOUR AUTO LOAN

In our last post, “Auto Loans in Chapter 7 Bankruptcy Pt. II,” we talked about funding your vehicle redemption.

In this post, we will discuss a few options other than redemption that are available to debtors when filing a Chapter 7 bankruptcy with respect to car loans.

Reaffirming Your Car Loan

We discussed the redemption option in detail because if it is a viable option in your situation, it can save you a lot of money. However, if you still want to keep your vehicle but redemption is not an option, then you would look into reaffirming the loan that you already have on your vehicle.

By doing this you are simply signing an agreement to continue paying on the vehicle. You would still be bound by this agreement as if you had never filed bankruptcy on this debt once the bankruptcy is over.

What If I Can’t Make The Payments Once I Reaffirm?

If you sign this agreement and do not continue making the payments, your vehicle can be repossessed and if it is sold for less than what you owe on it then you can be sued for the difference.

These vehicles are sold at auctions usually to auto dealers who buy vehicles in bulk. This is just one reason why it is more than likely that a repossessed vehicle will be sold for less than what the debtor owed on the vehicle.

Make A Well-Informed Decision

Our firm will pursue the best option for you when reaffirming your vehicles and do our best to try to ensure that the payment will not create a financial hardship.

To learn more about reaffirmation agreements, read our posts “What Is A Reaffirmation Agreement?” and “Should I Sign A Reaffirmation Agreement?”.

Scheduled your free initial consultation today to learn whether or not bankruptcy can help solve your financial problems.

Filed Under: Bankruptcy

Top

1055 N 115th St, Ste 302, Omaha, NE 68154

T: (402) 415-2525 | F: (402) 415-2551 | E: info@huskerlaw.com


TELL US ABOUT YOUR LEGAL ISSUE

  • How Can We Help You?

  • The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

    Privacy Policy
  • This field is for validation purposes and should be left unchanged.

Business Hours
Monday - Friday: 8am- 5 pm
Closed: Saturdays, Sundays and All Holidays

West Omaha Husker Law
1055 N 115th St
Ste 302
Omaha, NE 68154
Phone: 402-415-2525
Fax: 402-415-2551

— Practice Areas

• Divorce

• Family Law

• Bankruptcy