A bankruptcy will not get you caught up on your vehicle loan. However, by going bankrupt you can deal with your other debts, and stop the garnishment on your other debts, which may then allow you to get current on your vehicle loan. So it is possible that a bankruptcy may help in your situation. To find out for sure, please contact one of the Hoyes Michalos licensed insolvency trustees to discuss your situation in more detail over the phone, or to arrange a no charge initial consultation. You can contact us by phone or email with this link: https://www.hoyes.com/contact-hoyes-michalos/

Hi Barb. The answer to your question depends on the value of the property and other goods you own, so without knowing the values it is impossible to answer your question. I would suggest you contact our office to arrange a no charge initial consultation and one of our professionals can review your unique situation, and advise you on your options.

Hi Durrani. If your car is financed for an amount approximately equal to the value of the car and you declare bankruptcy, you have two choices: you can surrender the car and any shortfall is included in your bankruptcy, or you can keep the car and continue to make your monthly car loan payments.

In your case you could decide to keep the car, provided the payments are up to date and you continue to make the payments.