I’m going to file a Chapter 7 bankruptcy and I would like to keep my car but I might not have enough exemption. Even if I do the judge may not allow me to reaffirm the car loan because the payment is so high. So I don’t know if I should keep making the payment on it and then risk losing it.
I really think this is a situation you need to discuss with your bankruptcy attorney. If you don’t have a local bankruptcy attorney you can click here for a free bankruptcy consultation with one.
If the payment is high, and you are going to keep the car, by reaffirming the debt, it might be more than you can reasonably afford after your bankruptcy. If you reaffirm the debt, you will not be able to include that debt in a future bankruptcy if you run into trouble again.
The last thing you want is to go bankrupt and still just get by each month because you’ve kept commitments that are more than you can afford.