Can I keep both my vehicles if I file chapter 7? I own one and am paying on the other.

What's their value? What else are you keeping.

It depends on what other assets you have.

It depends on where you live and the value of the vehicles. Please understand that filing for bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy. I am attaching a link to some free videos that explain how bankruptcy works. http://www.dianedrain.com/Bankruptcy/BankruptcyQuestionnaires/BKQuestionnaireInd.htm. There is no cost for the initial discussion. Please take time to educate yourself about bankruptcy and to determine which attorney is the best to assist you in the process. Don't assume the attorney is being completely honest about their experience and capabilities. Check them out. Avoid the attorneys who advertise on TV or profess a 100% success rate in their Internet ads. It costs hundreds or thousands of dollars for these ads and someone has to pay for them - the clients. These attorneys mass produce the work and do not offer the client the hands on assistance that is necessary in a well-planned bankruptcy. Normally these firms assign all or most of the work to paralegals and the client rarely talks to an attorney. When interviewing the attorney ask them how long they have practiced bankruptcy law. Ask what percentage of their practice is focused on consumer work. Ask whether they are experienced in both chapter 7 and chapter 13 cases. Ask the attorney for references. Ask about their policy of returning phone calls. They should be committed to answering specific questions about your situation and help you understand your options. If, after talking with them you are still confused about the issues you raised, find another attorney. Check them out with the various ranking sources: such as www.AVVO.com, and the State Bar. An attorney is should be your guide through this process. They should educate you, be there to assist you in how to avoid pitfalls and help you plan for your future after bankruptcy. There are hundreds of "bankruptcy" attorneys in Arizona. Of those just a few will fit the criteria set forth above. Again, bankruptcy is a very complicated process and you want to use an attorney who will be there when you need them. My best to you.

From your description the Chevy if worth less than $3250, would be exempt. There probably is no equity in the second vehicle also. Therefore, to answer your question, based on the facts presented, you can probably keep both cars.

Question: Can I keep both my vehicles if I file chapter 7? I own one and am paying on the other. Question Detail: I have no other assets. One is a 2005 chevy colorado with 180,000 miles paid in full and the other is a 2008 ford fusion with 125,000 miles I owe about 5000 on. *- in SC, a debtor (assuming you've resided here the last 780 days) can exempt $5,625.00 in equity in one motor vehicle. You'd also have another $5,625.00 in "wild card" exemptions but only to the extent you had other unused portions of other exemptions (household goods, jewelry, etc.) Further, it would depend on what other property you had that you wanted to keep. The FAIR MARKET VALUES for motor vehicles in this district are generally determined by NADA guidelines. *

If you have no equity in the one vehicle because of the loan against it, in order to keep it, you will just have to make sure you pay for it & if required, sign an additional agreement with the lender. As to keeping the vehicle that is paid form,as long as the value of the vehicle is below the amount allowed as an exemption in the state where you have lived during the past two years, you can keep it. State exemptions vary widely in this regard, in Nevada, the vehicle exemption amount is $15,000. By the way, you do have other assets..like the clothes on your back! Bankruptcy law requires you to list everything you own, even things you consider "small potatoes."

The bankruptcy process provides you with certain exemptions so that you can keep some property after you file your bankruptcy petition. In Illinois, you can exempt the value of a vehicle up to $2400. Illinois also provides you with a $4000 personal property exemption for things such as cash, checking and savings, and items such as furniture. If you do not use up the entire $4000 exemption on your property and cash, you can use the remainder to cover your vehicles so they are exempt up to that limit.

In Colorado you can keep $5000 of equity in cars, $10,000 if filing jointly with spouse. You probably have no equity in the Ford. Exemption rules differ from jurisdiction to jurisdiction.

You are only entitled to exempt one vehicle per debtor in Chapter 7 bankruptcy. It will be up to the trustee whether he chooses to abandon the other vehicle or try to sell it to distribute the proceeds to the creditors. This will likely depend on the value of the vehicle.

Section 522 allows various exemptions that allow a petitioner to keep some property including one motor vehicle with interest/equity not to exceed $3,225. There is also a wildcard provision that allows the debtor to keep any property not exceeding $1,075 plus up to $10,125 of any unused interest in real estate. Note: The debtor has $20,200 exemption for interest in real property.

Absolutely, as long as you have not exhausted your exemptions. You will reaffirm the Fusion, which is a secured asset, and then use your car and wildcard exemptions to protect the equity in both vehicles.

Most likely. Because you don't own (or have any equity in) a house you would be working under California's System 2. This allows for $550 per item of household goods, clothing, personal stuff, etc. It also allows you to exempt (keep) up to $3500 in A car. And about $23,000 in "wildcard." This includes any value of household goods above the $550 and any amount not otherwise excemptable - like cash, checking, savings, second cars, gold bullion, whatever. Up to $23000. The Chevy is $2600 - $3400 for Average - Clean Trade In on a mid-level model of the Colorado. The Ford is $6500 - $7500. If you except $3500 from the Ford that leaves $3500 + $2600 (on the low end) from the wildcard. That means there is about $17000 left in your wildcard. Unless you have $17000 in other nonexempt assets you will be able to keep both cars, but it would require you to review it against all assets.

From the sounds of it, you should be able to keep both cars. Unless you have a lot of other exemptions, or earn too much, it should work. You need to hire a bankruptcy attorney.

Whether you can keep what you own or not depends on the "exemptions" available to you when and where you file for bankruptcy relief.

It will depend on what they are each worth and what other things you own that you want to protect. Having said that, it is very likely that you could.

Perhaps but there are insufficient facts present to form an opinion you should rely upon. You need to present all of the facts to an attorney in order to receive a valid opinion.