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.

NABS believes 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.

The ultimate decision to reaffirm your vehicle(s) or work with a provider, such as NABS to purchase a new vehicle is up to you. Consulting with your attorney you are working with on your bankruptcy is the best course of action.