Jasper, TX Bankruptcy Law Firms & Lawyers

This question requires more information to answer, however if you are filing chapter 7 you will need to make sure that the property is exempt. The exemption will depend on if this is used for a business or for personal transportation, if you have equity in the trailer or are making payments, and if you have other assets that you may need to protect. Also, you will need to insure that you can keep up with any payments that you may have.

As long as you keep your payments current on the auto loan the lender cannot repossess it. The issue in bankruptcy will be whether you have any equity in the car, whether the car is worth more than you owe on the loan. You are entitled to a $3,000 "exemption" on the equity in the car. If you have less than $3,000 in equity, then the bankruptcy Trustee will not take an interest in the vehicle. If have more than $3,000 in equity (you have "non-exempt equity") than you can work a deal with the Trustee to pay the Trustee the amount of the non-exempt equity and keep the car.

Unfortunately, you can't get the bankruptcy off your credit report. By law, credit reporting agencies have the right to report a bankruptcy for ten years from the date the case was filed. The bankruptcy is a part of your credit history - you don't dispute the fact that you filed for bankruptcy. Two years after bankruptcy is a very short time to expect to be obtaining credit and loans - especially considering where the economy is. Even if your credit was just okay, I doubt you would be able to get a mortgage loan at this point. Give it time, as your bankruptcy ages, it will have less weight on your credit score. Meanwhile, you should pay on time for whatever debt, bills you may have.