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I need my car to get to work. Can I keep my car if I file for bankruptcy?
14 ANSWERS
Family Law Attorney serving Hackensack, NJ
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The Law Offices of Stuart Jon Bierman
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Yes. In almost all of my cases my client wants to retain his or her car and it all works out fine.
Answered on Jun 25th, 2013 at 12:08 AM
Generally, if the car isn't worth much or is worth about or less than what is owed, one can keep the vehicle after bankruptcy.
Answered on Sep 30th, 2011 at 8:08 PM
Bankruptcy Chapter 7 Attorney serving Fort Collins, CO
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The Salas Law Firm LLC
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Yes you may so long as the equity in your car is less than $5,000.00.
Answered on Sep 29th, 2011 at 5:32 PM
Bankruptcy Chapter 7 Attorney serving Boulder, CO
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Law Office of Paul Stuber
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If it is paid for or the net value is within the exemption you can keep the car. If you owe on the car you will have to keep paying the secured creditor.
Answered on Sep 24th, 2011 at 1:34 AM
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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Most debtors keep their vehicles in chapter 7 bankruptcy under Colorado exemption law. It depends on how much equity you have in the vehicles and whether you are current on any vehicle loans. Get a free consultation with an experienced bankrupty attorney, since more facts are needed to determine if you lose your car in bankruptcy.
Answered on Sep 22nd, 2011 at 11:30 AM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If your car is claimed exempt you can keep it. If it is financed you need to pay for it.
Answered on Sep 21st, 2011 at 10:34 AM
Samuel Lee Tucker
Usually you can retain your car as exempt property or by reaffirmation of the debt.
Answered on Sep 20th, 2011 at 9:35 PM
Glen Edward Ashman
Sometimes. You haven't told us anything that lets us answer (is it owned or financed or leased, are the payments current, how much equity is in it, what state are you in?) Your lawyer will know and you need to have one to file.
Answered on Sep 20th, 2011 at 8:49 PM
Daniel James Wilson
Need more information. If car is paid for, you get to keep $5000 in equity. That means if your car is worth more than that you might have to pay the trustee the difference car value and $5000 exemption. If you have a loan on the car you can keep the car if you can make the payment.
Answered on Sep 20th, 2011 at 8:02 PM
Bankruptcy Chapter 7 Attorney serving San Diego, CA
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Law Office of Asaph Abrams
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If it's financed, then payments need to be kept current in order to retain the vehicle. Some loan companies compel reaffirmations (re-signing of the loan during the bankruptcy), if you wish to retain the vehicle. In chapter 7, a trustee will determine if there is nonexempt equity in the vehicle, which could be a basis for its liquidation. Since most bankruptcy debtors either have low-value vehicles or heavily financed vehicles with little equity, and CA has good exemptions, then liquidation is rare. 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 on Sep 20th, 2011 at 6:34 PM
Bankruptcy Attorney serving Seattle, WA
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Symmes Law Group, PLLC
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Yes, you can keep a car after filing for bankruptcy.
Answered on Sep 20th, 2011 at 4:21 PM
Christopher H. Ariano
That depends. If your car has less than $5,000 of equity and you are current on your car payments (and remain current), then you should be able to keep your car. Equity is determined by the fair market value of the car minus the loan amount.
Answered on Sep 20th, 2011 at 3:06 PM
Immigration Attorney serving Salinas, CA
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Law Office of Magnolia Zarraga
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You can keep your car even if you file bankruptcy. If your car is paid off, you can keep it but your attorney has to list it in the bankruptcy paperwork and exempt it. If you are behind on your car payments you can try contacting your lender and asking if they will agree to extend the term of your loan to bring you current. If they do, and you meet other criteria you might qualify for a chapter 7 bankruptcy and you keep your car and other assets. If you are behind on your car and your lender won’t agree to bring you current by extending the term of your loan you can file for a chapter 13 bankruptcy where you'll repay the amount you fell behind plus the balance of the loan over 3-5 years. Once you fall behind on your vehicle the lender has the right to repossess it. If it gets reposed and you file bankruptcy right away you may be able to get your car back. But why wait until that happens, contact an attorney for a free consultation so they can analyze your options for you.
Answered on Sep 20th, 2011 at 2:41 PM
Debtor's Rights Attorney serving Atlanta, GA
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Theodore N. Stapleton, P.C.
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Yes you can re-affirm the debt on your car and keep it in a bankruptcy filing.
Answered on Sep 20th, 2011 at 2:40 PM