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If you are leasing your car when you file Chapter 7 bankruptcy, you can choose to either continue making the monthly lease payments or surrender the car back to the creditor.

If you bought your vehicle within 910 days (2-1/2 years) of filing your bankruptcy case and you have not refinanced the original loan, you must repay the entire car loan. The good news is that the interest rate you pay on your car loan may be significantly reduced and the amount of time required to repay the loan modified to match the length of your bankruptcy plan. This reduction in interest and changing of the length of time you have to repay often results in a dramatically reduced payment.

If you bought your car more than 910 days before you file bankruptcy, or your car loan was refinanccd after you purchased your car you will only have to repay an amount equal to the present value of the car.

Your credit score is a three-digit number generally relied upon by lenders to determine how good (or bad) a credit risk you are. Traditional credit scores range from 300 to 850. Each of the three major credit bureaus, Experian, Equifax and TransUnion, calculates these scores a little differently, so the score that you receive from one credit bureau may not match one requested by a lender from another bureau.

A debt discharge prevents your creditor from ever attempting to collect on that debt. Regardless of the type of bankruptcy filed, most include a discharge of all eligible debt at their conclusion. A discharge means you never have to worry about paying back the debt again. From your perspective, it is simply gone!