Submitted by CuriousG on Mon, 08/30/2010 - 07:57
Posted in
I think I know this answer but I want to make sure I understand. If I have a car with a big loan that I want to get rid of and I can't sell it for the amount of the loan and I also have a ton of credit card debt it is possible for me to walk away from the car debt along with the credit card debt and not owe anything else on the loan, right? I just have to give up the car? Thanks.
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Editor's Response
Follow this link to a thread about keeping your car in bankruptcy in Massachusetts. You will see, that you have the option of discharging the loan in bankruptcy and walking away from the car. You may also choose to reaffirm the loan and continue making payments, or simply continue with the payments. In either case, in Massachusetts, you can keep the car. Good luck.