Can I keep my truck since I’m not behind on payments?

I have my truck loan and credit card with the same bank. I’m only behind 1 payment on my truck loan but owe $20K for my credit card and I can’t pay for it. If I file for bankruptcy, will the bank take my truck away ?

One Comment

  1. It is better to be current on any secured loans when entering a bankruptcy. That assuming you want to keep or re-affirm the loan on the vehicle. If you are delinquent on the loan (even one payment), the creditor can make a motion to the bankruptcy judge called a “lift stay motion”. If this happens, you will have to pay the arrears plus another $500 for attorney fees and court costs to keep your truck. So, it’s best to be current with your secured debts upon entering bankruptcy.

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