I filed chapter 13 bankruptcy 3 years ago. i am not able to make the payments on my bankruptcy, but i dont want to lose my two cars. I have about 24 payments left, but i am not able to obtain certain necessities for my kids because all of my money goes to bankruptcy. I want to walk away from it like everyone is walking away from their homes. I heard that you could walk away, but i always thought you had to pay every month, so they dont take your vehicles away from you.
If you can maintain your current auto payments on the cars and have an agreed written agreement on how to handle your present autopayment arrearages you can either walk away relatively unscathed by your Chapter 13 experience or allow it to be converted to a Ch-7 liquidation so long as you have a written agreement to reaffirm your auto loan agreements.
The answer is in your total debts and income. If you are paying off a large amount of unsecured (credit card) debt, this makes some sense…On the other hand if your debt is primarily secured debt and taxes you are only temporarily treading water.
Obtain good financial counseling from a source with access to your situation.
Good Luck
