Can I keep my car after bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

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Can I keep my car after bankruptcy?

I need my car to get to work. Can I keep my car if I file for bankruptcy?

Answer By Eric Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis
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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.

Answer Applies to: Indiana
Replied: 9/29/2011

Answer By Ron Salas
The Salas Firm
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Yes you may so long as the equity in your car is less than $5,000.00.

Answer Applies to: Colorado
Replied: 9/29/2011

Answer By David VanDyke
Bird & VanDyke, Inc.
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In most cases you can keep your car.

Answer Applies to: California
Replied: 9/23/2011

Answer By Paul Stuber
Paul Stuber, Attorney at Law
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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.

Answer Applies to: Colorado
Replied: 9/23/2011

Answer By Bill Zurinskas
Bankruptcy Law Center
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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.

Answer Applies to: Colorado
Replied: 9/22/2011

Bankruptcy Law office of Bill Rubendall
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If your car is claimed exempt you can keep it. If it is financed you need to pay for it.

Answer Applies to: California
Replied: 9/21/2011

Answer By Janet Lawson
Janet A. Lawson Bankruptcy Attorney
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It is rare to lose a car. You are either making payments on it, it has little value above the debt owed OR it is fully exempt.

Answer Applies to: California
Replied: 9/21/2011

Mercado & Hartung, PLLC
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You can exempt it up to your state's allowable exemption amount .

Answer Applies to: Washington
Replied: 9/21/2011

Law Office of John C. Farrell, Jr.
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Most likely you will be able to keep your car if you keep up with the payments and you're not driving around in brand new Lexus.

Answer Applies to: Massachusetts
Replied: 9/21/2011

Answer By Darren Aronow
The Law Office of Darren Aronow, PC
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It depends if you own the car outright, if you lease or if you finance the car. If you own it, then you are entitled to an exemption which may allow you to keep the car. However, depending on your other assets, you may qualify for a Federal exemption which allows you a substantial wildcard exemption. If you lease or finance the car, the lender will ask that you sign a Reaffirmation agreement in order to keep the car. This basically says that the terms of the loan are in effect regardless of the bankruptcy and that if you default after the bankruptcy discharge, then the lender has all of its rights to repossess the car and go after a money judgment. You should speak to a good attorney to see which you qualify for so that you may save your car during this process.

Answer Applies to: New York
Replied: 9/21/2011

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