Discharging Motor Vehicle Loans in Bankruptcy
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Discharging Motor Vehicle Loans in Bankruptcy
It can happen to anyone. You have an accident or an unexpected illness, you lose your job or you go through a divorce. Suddenly, your financial situation becomes unstable and you get behind on your payments. Then the phone calls and letters come, demanding payment that you can’t make. Fortunately, the American bankruptcy laws provide some relief, giving you the opportunity for a fresh start. Under the right circumstances, you may even be able to permanently wipe out the debt you owe on your vehicle.
The bankruptcy laws, though, can be tricky. If you want to discharge debt and keep your assets, you want an experienced and knowledgeable lawyer to guide you through the process. We can help.
At the Law Offices of Schlissel DeCorpo, we have more than 100 years of combined experience protecting the rights of people across the state of New York. We have a thorough understanding of the different options available under the American bankruptcy laws. We also know that every situation is unique, so we’ll listen carefully to learn the specific details of your case, so that we take the right steps to get the best outcome for you.
To learn more about the potential for permanently discharging an automobile, truck or motorcycle loan, contact us by e-mail or call our offices at 718-350-2802 (in Queens), 516-561-6645 (in Nassau County), 631-319-8262 (in Suffolk County) or toll-free at 1-800-344-6431 to schedule an appointment.
Our Representation in Bankruptcy Cases involving Outstanding Motor Vehicle Loans
To permanently rid yourself of any debt in a bankruptcy proceeding, you must file for protection under Chapter 7. However, you must qualify to submit your petition under Chapter 7. That requires that you take a “means test,” proving to the bankruptcy court that you lack the resources to repay your creditors in full over a 3-to-5-year period. We will help you determine if you qualify.
Even if you meet the requirements of the means test, you will generally be allowed to keep only a certain amount of the equity in your motor vehicle. We can help you determine the value of your car, truck or motorcycle, and the extent to which you can permanently rid yourself of the debt while keeping the vehicle.
Contact Our Offices
Contact us online or call our offices at 718-350-2802 (in Queens), 516-561-6645 (in Nassau County), 631-319-8262 (in Suffolk County) or toll-free at 1-800-344-6431 to set up an appointment.
The Law Offices of Schlissel DeCorpo has offices in Lynbrook, Queens, and Suffolk County, and we represent individuals facing foreclosures throughout the New York metropolitan area, including Long Island, Nassau County, Suffolk County, Westchester County; and NYC’s five boroughs of The Bronx, Brooklyn, Manhattan, Queens, and Staten Island.
