Muleshoe, TX Bankruptcy Law Firms & Lawyers

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.

Sending out a "letter of intention" is not what is required in that situation. So the company is wrong on that part. Also, I would be careful taking bankruptcy law advice from someone whose job is to extract more money out of you, and especially in thinking that person's advice about what the bankruptcy laws require is going to somehow be more accurate than stuff filed by your own attorney who is an actual bankruptcy lawyer and whose goal is to protect you.

For Chapter 7, 8 years must pass. Sounds like you have to wait until next year assuming you are talking about a Chapter 7 (both times) and your first case was successful.