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Asked on January 31, 2013 under Bankruptcy Law, California
Answered 12 years ago | Contributor
No, it will not. When goods--like a truck--provide collateral or security for a loan or financing, you cannot keep them without paying the loan, even if you file for bankruptcy. Bankrupcy does not extinguish the security interest. Filing for bankruptcy will delay repossession for a time, and it will give you the option of walking away from the truck while discharging the loan/debt (i.e. you lose the truck, but can avoid being sued for the money); however, if you do not agree to and keep paying the loan/debt, the lender will able to repossess your truck.
Potentially the filing of a bankruptcy petition may allow you to keep your vehicle that presumably has a secured loan with respect to it if you continue to stay current with the loan. Given what you have written, I suggest that you consult with a bankruptcy attorney to assist you in your matter.
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