To Reaffirm A Vehicle Or Not?
When filing for Chapter 7 bankruptcy you do have some options when it comes to your vehicle. If you are in good standing with the payments on the vehicle you are purchasing and would like to continue making payments, you may be able to enter into a reaffirmation agreement with your creditor. Bankruptcy exemptions for chapter 7 allow you to have up to $6,000 in equity for one motor vehicle or $12,000 if you are married.
If you have a high interest rate or are struggling to make payments, you might want to surrender the vehicle(s) when you file for bankruptcy. If this is the case or you make this choice, don’t worry about any added stress of getting a new vehicle. Hilltop Law Firm works with a company called National Automotive Brokerage Services (NABS) who can offer a solution. NABS has been around since 2012 offering fee-free auto brokerage services specializing in bankruptcy automotive solutions. They believe that everyone should be given a second chance and can help you with purchasing a new vehicle as soon as you have filed your bankruptcy case. In fact, in many cases, you can finance a vehicle with no money down and getting a new car loan can help benefit your credit score. They take the hassle out of the process as well by delivering the vehicle right to your front door for free.
Hilltop Law Firm is here to help! Whether you decide to reaffirm your vehicle(s) or work with our provider, NABS to purchase a new vehicle, we’ve got you covered. Call or text us at 602-466-9631 or click here to set up a free 30- minute phone consultation: https://calendly.com/hilltoplawfirm/initial-consultation-web