If you’ve received a request to update the intention for your car, please update the “Vehicles” section in your Upsolve account and choose from one of the following options. We can’t tell you which option is right for your situation, but the articles linked below explain each one in more detail.
- Ride-through: Keep the car and continue making payments without signing a reaffirmation agreement. Note that this may not be an option in all states.
- Reaffirm: Keep the car and sign an agreement with the lender to keep the loan. This means you’ll still be legally responsible for the debt after your bankruptcy. Because you’re filing without an attorney, the bankruptcy judge must also approve the agreement.
- Redeem: Keep the car by paying the lender its current value, usually in one lump sum. The redemption amount is based on what a dealer would charge for a car of the same age and condition. This may be different from the values you find on sites like KBB or Edmunds.
- Surrender: Give the car back to the lender. Any remaining balance on the loan will be discharged in your bankruptcy.
For more information on keeping a car when filing Chapter 7 bankruptcy, check out Can I Keep My Car If I File Chapter 7 Bankruptcy in our Learning Center.
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Car is worth $4118
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