When people find themselves in need of debt relief, they frequently want to know if filing for Chapter 7 or Chapter 13 will cause them to lose their car.
There are times when debt settlement is a better option and there are times when bankruptcy can be your friend.
You have some options when you file for a Chapter 7 or Chapter 13 bankruptcy. In a Chapter 7 bankruptcy, if you want to keep your car you would continue to make the regular monthly payments to the car lender, whereas in a Chapter 13 bankruptcy the vehicle loan would be restructured, the interest rate in many instances reduced, and the vehicle repayment extended for up to 60 months.
The bankruptcy laws in the State of Missouri and around the St. Louis area can be different than in other states, but here's a quick video that should provide some clarification.
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