Legal Question in Bankruptcy in California

Bankruptcy options?

I live in California and am curious as to what options I have available for bankruptcy? I have a truck with a loan that I'd like to keep (and of course make payments on). It is my only vehicle. I'm also unsure of how long it will affect my credit report. I've heard ten years, but I've also heard of longer periods. Someone also told me that it could be worse for me if I have income. If anyone here can tell me some generalized options and whether these things are true or not it would be a big help. Thanks so much!


Asked on 4/24/07, 3:43 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

Re: Bankruptcy options?

Typically, if a person has the means to keep up payments on a motor vehicle, the court will permit the debtor to reaffirm that debt -- i.e. continue paying under the contract.

Bankruptcies remain on the credit reports for up to ten years. No one has ever complained to me that it's been on longer than that.

Feel free to contact me if you require legal assistance in preparing your bankruptcy.

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Answered on 4/24/07, 4:52 pm


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