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How Bankruptcy May Save Your Vehicle

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In 2017, there were an estimated 1.8 million vehicle repossessions. Despite this number, most lenders do not want to take this step because it costs them money. They pay to tow and store the vehicle, and the resale amount rarely covers the balance of the remaining loan. Creditors often work with clients who file bankruptcy to help them keep ownership of their vehicle. 

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Which Type of Bankruptcy in Alabama Is Right for You?

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Before filing for personal bankruptcy in Alabama, you must consider the specific limitations that will be put in place in order to protect your property from seizure and liquidation. Your household income and Alabama’s exemptions will be the primary factors in determining which type of bankruptcy is right for you.

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