Can I keep my car if I file for bankruptcy?
I have a large amount of credit card debt, and am thinking about talking to a bankruptcy attorney. I will need my car though, and am worried it will get taken in the process. Can I keep my car, even if I do file?
Answered by: Attorney Asaph AbramsCall Me: (858) 344-0500
Answered on: 1/4/2012 - This answer applies to: California
Google me and "exemptions" for more info. If you're planning to talk to a qualified attorney, then she can address your specific situation and until then.... well, unless the repo man or a car thief's lying in wait en route to her office, you should be all right. This answer (as well as our Web site) doesn't address all facts & implications of the question; it's general info, not legal advice to be relied upon; it creates no attorney-client relationship; it may be pertinent to CA only; it's independent of other answers. Hire legal counsel before acting or refraining from bankruptcy/legal action.
Answered by: Attorney Eric LewisCall Me: (317) 623-3030
Answered on: 11/18/2011 - This answer applies to: Indiana
Most people who file bankruptcy are able to keep their home and car and all possessions by claiming them as "exempt" under applicable law when the bankruptcy is filed. Exemptions, and the values one can keep in bankruptcy, vary from state to state.
Answered by: Attorney Glen Edward AshmanCall Me: (404) 768-3509
Answered on: 11/17/2011 - This answer applies to: Georgia
Your question is why you must see a lawyer. Whether you can keep a car depends on what it is worth, what other assets you have, your income, your expenses, if you owe on the car, etc. Your attorney will need those numbers to answer.
Answered by: Attorney Janet LawsonCall Me: (805) 985-1147
Answered on: 11/17/2011 - This answer applies to: California
It is rare for someone to lose a car. You should have no worries.
Answered by: Attorney William M. RubendallCall Me: (925) 827-2272
Answered on: 11/17/2011 - This answer applies to: California
In most cases debtors keep their cars in bankruptcy. It depends on the amount of exemption available in a given case. Also, if the car isn't exempt you can file a chapter 13. You keep all property in chapter 13, even if there is no exemption available.
Answered by: Attorney Richard James SymmesCall Me: (206) 390-9451
Answered on: 11/17/2011 - This answer applies to: Washington
Most debtors will be able to keep their car after filing for bankruptcy but you should speak to a bankruptcy attorney in your jurisdiction to make sure.
Answered by: Attorney Lynnmarie JohnsonCall Me: (810) 695-0102
Answered on: 11/17/2011 - This answer applies to: Michigan
Most people can keep their car even though they file bankruptcy. Debtors are allowed a certain amount of exemptions for things like cars, furniture, work tools. If you are like most people you probably have a loan on your car that exceeds the value, in that case you wouldn't even need the exemption. BUT you must be able to pay the payments on the car so that you can reaffirm the loan with the car's creditor.
Answered by: Attorney David VanDykeCall Me: (209) 390-8877
Answered on: 11/17/2011 - This answer applies to: California
Most people do not lose any property when they file. This really depends on the value of your property you own. A good bankruptcy attorney can lay this out very easily.
Answered by: Attorney Jeffrey D. SchreiberCall Me: (619) 269-8600
Answered on: 11/17/2011 - This answer applies to: California
That depends on whether you have a loan on the car and if you have any equity. If you have a loan, you will likely have to reaffirm the debt with the lender to keep the car. If you have any equity, you would need to be able to have an exemption available to protect the equity form the bankruptcy trustee.