Don't Lose Your Car This Summer, Let Us Help

    ATLANTA, GA, August 10, 2015 /24-7PressRelease/ -- Filing for bankruptcy can be a very difficult process, with many being faced with how they're going to tackle debt from a fresh start. However, one of the many things to be looked over would be your means of transportation and the loan associated with it. Thankfully, we've provided some information as to what bankruptcy to file so you can keep your vehicle as the process develops. With this being said, here's a look at different types of bankruptcy claims and how to keep your transportation.

Bankruptcy & You

Your vehicle is essential to get you to - and from - work, which is why it lands on the top of the list of things that need to be kept. Thankfully, there's a few ways to keep your vehicle as it's in bankruptcy. ... as long as you know what to file it under. Here's a look at the specific bankruptcy claims you may need to file:

Chapter 13 - Chapter 13 bankruptcy allows a borrower to pay what he/she owes in reconstructed or reorganized payments. The payments involved depend on the age of the car loans, as new car loans fall under 910 days and old car loans exist thereafter.

Chapter 7 - Chapter 7 bankruptcy is referred to as liquidation. The process works by allowing the borrower the opportunity to forfeit assets or walk from their debts. With car loans, the person can either reaffirm debt, surrender the car or redeem their car. Reaffirming the debt allows one to continue making payments on the car. Surrendering the car is basically giving your car up, but opening the opportunity to loan a cheaper car. Redeeming the car allows one to pay the loan off in one payment, using sources of family or friends to pay the remaining balance.

Following these bankruptcy methods will not only help you save your vehicle, but keep you in a position whereas it doesn't effect your job or lifestyle. If added assistance is needed, feel free to contact our Atlanta Bankruptcy firm to clear up any concerns regarding your financial future. We are here to not only help you during difficult times, but keep you on the road to avoid complications in the future.

Established in 1983, Clark & Washington is now one of the leading bankruptcy filers in the Southeast. They have locations in Georgia, Florida and Tennessee. Clark & Washington specializes in personal chapter seven and 13 bankruptcy. They offer honest, helpful legal advice to those experiencing financial hardships.

For more information, visit www.clarkandwashington.com

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