Can I keep my car during a Chapter 11 bankruptcy?

Yes, you can keep your car during a Chapter 11 bankruptcy in Virginia. Under Chapter 11 bankruptcy law, you can keep your property, such as your car, as long as you remain current on your payments. The bankruptcy court can set up a repayment plan that allows you to keep your car, so long as you make the payments on time. However, if you are unable to afford the payments, the court could require you to sell the car in order to pay your debts, or give it back to the lender. The court may also require you to use all of your available income to pay the creditors and not use it for other purposes, such as purchasing a car. In addition to these considerations, you must also remember that the court can also lower the amount of debt your owe for loan payments, such as a car loan. This can allow you to keep the car, as long as the payment amount is lowered to a manageable amount. Overall, it is possible to keep your car during a Chapter 11 bankruptcy in Virginia, as long as you are able to meet the requirements set forth by the court. Additionally, there may be some other options available, such as reducing the loan payments, which may help you keep your car.

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