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My husband and I are considering bankruptcy as a possible financial solution. We are currently looking at doing the Orderly payment of debt program. If we are unable to do this (may not meet criteria) and have to claim bankruptcy, will we lose our vehicle? We currently have a loan on it, and have another three years to pay for it, an approximate value of $22,428.00 left to pay. We have already paid (in the two years we have had it) approximately $14,952.00. My husband needs the vehicle, on a daily basis, to go back and forth to work in the city. Also...how long after you claim bankruptcy does it remain on your credit rating?
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