Will the bank want the car back if I go bankrupt?

The bank gave me a loan of $4500 to buy a car 6 months ago. I have since lost my job and I think I have to file for bankruptcy, but I would have to sell the car in order to afford filing. Will the bank want the car back or the $4500?

One Comment

  1. I am assuming that the finance company has a valid title lien on the vehicle. If you can sell the vehicle for more then it’s worth and pay off the lien prior to filing bankruptcy, that is fine. It has been my experience that the loan amount is more then the car is worth. You can always surrender the vehicle in a chapter 7 case and discharge the loan. However, you can to surrender the vehicle back to the finance company.

Leave a Reply