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Does having a car in repo effect filing for bankruptcy?

Yes, having a car in repossession can affect filing for bankruptcy. When you file for bankruptcy, all of your assets, including your car, are evaluated to determine how much you owe and how much you can repay to your creditors. If you have a car in repossession, the lender may still have a claim against you for the outstanding balance on your car loan, even if the car has been repossessed. This can make it more difficult to discharge, or eliminate, your car loan debt through bankruptcy.

If you are considering filing for bankruptcy and have a car in repossession, it is important to talk to a bankruptcy attorney who can advise you on how to best protect your interests. They can help you understand your options and negotiate with your creditors to try to reach an agreement that allows you to keep your car or discharge your debt.

Here are some things you should keep in mind if you have a car in repossession and are considering filing for bankruptcy:

* You may be able to reaffirm your car loan debt in bankruptcy, which means you agree to continue paying the loan according to the original terms. This can help you to keep your car and prevent the lender from selling it.

* If you are unable to reaffirm your car loan debt in bankruptcy, you may be able to discharge it in Chapter 7. This means that you will not have to repay the debt, but you may also lose your car.

* If you are considering filing for bankruptcy, it is important to act quickly. The sooner you file, the more likely you are to be able to keep your car and discharge your car loan debt.

If you have questions about how bankruptcy may affect your car in repossession, it is important to talk to a bankruptcy attorney for help.

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