If you’re considering filing for bankruptcy, you may be wondering what will happen to your GMAC account. Will you still be able to use it? Will you be able to keep your car? Read on to find out everything you need to know about GMAC creditors.
What is GMAC?
GMAC is a finance company that offers auto loans and other financing products to consumers. It is a subsidiary of Ally Financial.
If I File for Bankruptcy, What Happens to My GMAC Account?
If you file for Chapter 7 bankruptcy, your GMAC account will be closed and you will no longer be able to use it. If you file for Chapter 13 bankruptcy, you may be able to keep your account open, but you will have to make your payments on time and in full each month.
Can IKeep My Car If I File Bankruptcy?
If you have a loan with GMAC, you may be able to keep your car if you file for Chapter 7 bankruptcy. This is because auto loans are considered “secured debts.” This means that the lender can repossess your car if you don’t make your payments on time. However, if you file for Chapter 13 bankruptcy, you will likely have to give up your car unless you can afford to pay off the entire loan balance within the repayment plan period.
Bankruptcy can be a difficult decision, but it’s important to know all of your options before making a decision. If you’re considering filing for bankruptcy and have a GMAC account, this article has given you some important information to help you understand what will happen to your account and car.