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Tulsa Bankruptcy Attorney | Should You Keep Your Car After Filing For A Bankruptcy?
This is one of the most common questions we hear after filing for bankruptcy. The answer is that it really depends. If you are struggling with debts and are having a hard enough time keeping up with payments, then maybe you should consider selling your car. However, your car is a necessity in these days if you intend on making a living.
There are several things to consider when considering keeping your car after a Tulsa bankruptcy case. The first is how much is your car worth? The next one is to determine how much you owe on it. Then to figure out how much those monthly payments fit into your overall expenses. If it’s not possible to keep your current car, then maybe you should consider downgrading and getting a car that you can pay off quicker and that has lower monthly payments.
We highly advise that you continue to own a car so that it remains possible for you to drive to and from work. We also highly advise that you continue to have a means of transportation so it is possible to improve your income situation by getting a job that pays more.
That said keeping your current car is really going to be an individual situation. It might not have a clear cut answer. Talking to your Tulsa Bankruptcy Attorney will be able to help you determine if it is in the cards or not. If it is not possible for you to keep your car, then we highly recommend you consider buying a cheaper car so that you can continue to own an automobile.