How to File for Bankruptcy and Keep Your Car

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Key takeaways

Filing for bankruptcy doesn’t automatically mean losing your car. Exemptions, reaffirmation, and repayment plans can help you keep it.
Chapter 7 allows you to keep your car if it falls under an exemption.
Chapter 13 provides a structured repayment plan to catch up on missed payments.

Bankruptcy is a big decision. It’ll damage your credit for up to a decade but can get you out of unmanageable debt. There is a lot to consider, including what happens to your car.

Whether you can keep your vehicle depends on several factors. These include the type of bankruptcy you file, your car’s value, and if you are current on loan payments. The good news is that the system is set up to let you keep your vehicle.

Here’s what you need to know.

How to file bankruptcy for credit card debt

Filing for bankruptcy for credit card debt is very common. Many consumers turn to bankruptcy when they can no longer afford to pay more than the minimum on their credit card bills. As the debt becomes unmanageable, bankruptcy can be a viable option.

There is no strict rule on how much debt you need to have to file for bankruptcy. Experts recommend having at least $10,000 in dischargeable debts (credit cards, medical bills, and personal loans). Your debts should be more than your total income and assets. In other words, your debt must be overwhelming and unpayable to make bankruptcy worthwhile.

If you think bankruptcy is the right choice, gather your financial documents. Decide if you want to file Chapter 7 or Chapter 13. You will also need to take a credit counseling course.

Chapter 7 vs. Chapter 13 bankruptcy

The difference between Chapter 7 and Chapter 13 bankruptcy lies in how debt is handled.

Chapter 7, also known as liquidation bankruptcy, can discharge most unsecured debts. You surrender non-exempt assets to repay creditors. To qualify, you’ll have to pass a means test, which evaluates your income and expenses.

Chapter 13, or reorganization bankruptcy, allows you to keep your assets. You must follow a court-approved repayment plan where you pay back a portion of your debts over three to five years. The remainder is discharged.

Chapter 13 is a good option if you want to protect certain assets or your income is too high for Chapter 7.

If I file for bankruptcy, what happens to my car?

Will I lose my car if I file for bankruptcy? It is entirely possible to file for bankruptcy and keep your car. How you do it depends on the type of bankruptcy you file, your car’s value, and whether you’re current on loan payments.

Chapter 7: You can keep your vehicle if it falls under an exemption or you reaffirm your car loan. The lender may still repossess if you’re behind on payments.

Chapter 13: You can restructure your loan through a repayment plan. Catch up on missed payments, remain current, and avoid repossession.

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Can I keep my car if I file Chapter 13?

Filing for bankruptcy, Chapter 13 allows you to keep your car, even if you’re behind on payments. You will restructure your debts into a court-approved repayment plan. Once complete, the remaining unsecured debts are discharged.

You can retain your vehicle if you continue to make payments and remain current throughout the repayment plan. Catch up on your car loan payments, remain current, and you can also keep your vehicle. Pay off your car loan during the repayment period, and you’ll own your vehicle free and clear.

Stay current on payments, or your lender can repossess your car.

If you owe more than the car is worth, you can reduce your loan balance through a process known as a cramdown. A car loan cramdown is when the lender accepts a revised loan for a smaller amount and a lower interest rate. Your payments will be more manageable, and you can keep your car.

Can I file Chapter 13 after my car has been repossessed?

You can still file for Chapter 13 after the lender has repossessed your car. Filing quickly may even allow you to get your car back. If the lender hasn’t sold the vehicle, Chapter 13 can help by including the overdue payments in your repayment plan.

Buying a car while in Chapter 13 is possible. You may need to file a motion to incur debt with the bankruptcy court. Your bankruptcy trustee will have to approve the purchase. They will determine if the new car payments fit within your repayment plan.

It will be challenging to find car financing while on Chapter 13. Your best bet is to wait and finance a car once the repayment plan is complete.

Can I keep my car if I file Chapter 7?

Chapter 7 clears certain unsecured debts, but it requires you to sell assets to repay creditors. Your car often qualifies for an exemption, but the exemption depends on the equity you have in your vehicle.

Equity is the car’s market value minus the balance of your loan. If you own the vehicle outright, its equity is its fair market value.

Most states allow the exemption of all the car’s equity. You can keep the car as long as you are current on loan payments or own the vehicle. If the equity is more than the exemption limit, the bankruptcy trustee can sell the vehicle. They will use the money to pay back creditors and return the exempted amount to you.

What happens to your car loan when you file Chapter 7?

Bankruptcy doesn’t automatically discharge your car loan. Instead, you have options:

Reaffirmation: You agree to continue payments and keep the car.

Redemption: Pay a lump sum for the car’s market value, discharging any remaining debt.

Surrender: The lender repossesses it, and the loan is discharged.

When do I have to surrender my vehicle in Chapter 7?

You may have to surrender your car if:

Its value exceeds the exemption in your state.
You’re behind on loan payments and can’t catch up.
You choose not to reaffirm or redeem the loan, meaning you won’t continue making payments.

How to declare bankruptcy and keep your car

Filing bankruptcy with a car loan doesn’t always mean losing your vehicle. You may be able to reaffirm the loan or catch up on missed payments and keep your car. Here’s how to protect your vehicle.

State and federal exemptions

Exemptions protect certain assets from being seized to repay creditors. Each state has its own exemption limits. You can choose between state and federal exemptions.

Federal bankruptcy law allows individuals to protect up to $4,450 in vehicle equity. Married couples receive an exemption of $8,900 if both names are on the car title. State exemptions may provide even more.

If your car’s value is within the allowed exemption, you can keep it. If your vehicle is worth more than the exemption, you may have to pay the difference or use a wildcard exemption. If you still owe on a loan, exemptions only apply to your equity.

Negotiating with auto loan lenders

If you’re behind on payments or facing repossession, talking to your lender before filing can help. Some car loan lenders for bad credit may be willing to adjust terms to prevent repossession.

You can potentially extend your loan to reduce monthly payments. Ask for a lower interest rate. See if you can defer missed payments.

Reaffirmation agreement car loan

A reaffirmation of debt means you agree to continue making payments on your loan. You enter into a new agreement with a strict payment plan. You might have the same terms as the previous loan. You can also negotiate the payment size, interest rate, and repayment term.

The lender must agree, and the court must approve the agreement. If you miss payments, the lender can repossess the car and hold you liable for the balance.

Redeeming a car in bankruptcy

Redemption is when you pay the lender a lump sum for the vehicle. How much you pay is based on the car’s current market value, not the remaining loan balance. This is beneficial if you owe more than the car is worth.

Some lenders offer redemption loans if you can’t afford the lump sum. Be careful of high interest rates.

Car loan after bankruptcy

Being approved for loans after bankruptcy is possible, but you will face challenges. Your credit score will have dropped significantly. Lenders will view you as high-risk. Many will refuse to approve you.

Some lenders offer car loans for bankrupt applicants, but these often come with unfavorable terms. For example, the average interest rate for a car loan after Chapter 13 is 15.62%. For a used car, it can go as high as 21.57%.

Buying a car after Chapter 7 discharge can be even harder than after Chapter 13. Chapter 7 generally has a bigger and longer-lasting impact on your credit. Lenders consider you a higher risk since you discharge debts without repayment.

How long after bankruptcy can I get a car loan? You may qualify for a loan once you discharge your debts. This will be after four to six months if you file Chapter 7 or after your repayment plan is over for Chapter 13. To receive auto financing before that, you will need court approval.

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Rebuilding credit after bankruptcy

Bankruptcy severely damages your credit for up to a decade. The best thing you can do is start figuring out how to rebuild credit immediately.

Credit cards are an easy solution, but qualifying for credit cards after bankruptcy can be tricky. Your best bet is to apply for a secured card and put down a cash deposit. Spend a little each month and pay your bill on time and in full. Gradually, your score will improve.

Another option is to take out a credit builder loan. Unlike traditional loans, the lender holds the funds in a secured account. You make fixed monthly payments, which the lender reports to the credit bureaus. Once you’ve fully paid off the loan, you receive the cash and a boost to your score.

Does paying rent build credit? It can if your landlord reports on-time payments or you use a rent-reporting service. Reporting rent can add a positive payment history to your credit report, increasing your score.

Learning how to build credit fast is key to recovering from bankruptcy.

Frequently asked questions

1. Can you keep your house and car in Chapter 13?

Chapter 13 bankruptcy allows you to keep personal property, such as your house and car. It does this by restructuring your debts into a repayment plan. Make payments according to the plan, and you will avoid foreclosure or repossession.

2. Can I keep my paid-off car in Chapter 7?

You may be able to keep your paid-off car in Chapter 7 bankruptcy if its value falls within your state’s exemption limits. If the car’s value exceeds the allowed exemption, it may be sold to repay creditors. A wildcard exemption (if available) may help protect additional equity in your vehicle.

3. Can you get a car loan after bankruptcy?

Auto financing after bankruptcy is tricky. You will need to look for specific lenders specializing in bankruptcy car loans for individuals with a recent discharge. To improve your chances, save for a larger downpayment, add a co-signer, or wait to build credit first.

4. Can you lease a car while in Chapter 13?

Leasing a car while in Chapter 13 bankruptcy is possible but requires court approval. The court will assess whether taking on new debt aligns with your repayment plan. Some lenders may approve a lease, but options will likely be limited and terms less favorable.

5. Can I keep my car if I convert from Chapter 13 to Chapter 7?

It depends on your car’s value and state exemptions. If you convert to Chapter 7, your vehicle must fall within the allowable exemption limit to keep it. The trustee may sell it to repay debts if it exceeds the exemption.

Bottom line

Filing for bankruptcy doesn’t always mean losing your car. Whether you redeem, reaffirm, or cram down, you have options and opportunities to retain your vehicle.

Bankruptcy laws aim to protect you and provide a fresh start, not to strip you of essential assets. If keeping your car is a priority, you can make that happen.

Do not try to navigate bankruptcy by yourself. Consult a bankruptcy attorney or seek guidance from a nonprofit credit counseling agency. They can help you figure out the best path forward so that you keep your car and start a new debt-free life.

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Rachel Alulis

Rachel Alulis has been the lead editor for Moneyfor’s credit cards team since 2015 and for the financial rewards team since 2023. Before joining Moneyfor, Rachel worked at USA Today and the Des Moines Register. She then established a successful freelance writing and editing business specializing in personal finance. Rachel holds a bachelor’s degree in journalism and an MBA.

How to File for Bankruptcy and Keep Your Car

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