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Can I file bankruptcy on my car loan?
I have a few credit cards, a small personal loan, and a car loan. Everything is in good standing except for my car loan. I’m not sure if I can get the payments back on track, but I don’t want the car to get repossessed. Can I file for bankruptcy on just the car loan?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Sorry to hear about your
car loan
, but you’ve done a great job to keep your high-interest debt in order! Unfortunately, you can’t file for bankruptcy on just a car loan, as bankruptcy requires an assessment of all your debts.Additionally, bankruptcy will devastate your credit score—and likely impact your finances for at least seven years. Because of the catastrophic nature of bankruptcy, you should try other avenues to repair the situation, including:
- Refinancing the vehicle
- Negotiating different terms with your lender
- Voluntarily surrendering the car
If you want to keep the car, refinancing or negotiating are your best options, but act quickly before your lender repossesses your car!
For help finding a good lender to refinance, try
Jerry
. A licensed broker, Jerry can help you compare terms and rates from top lenders in your area. That way, you can make sure you’re getting reasonable terms before you settle for a lender.View full answer
- Gregory R.
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