Can you keep your vehicle if you file for Chapter 7 bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

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Can you keep your vehicle if you file for Chapter 7 bankruptcy?

Im heavily considering filing ch 7. My car payment is the one bill I have kept current and don't want to loose It because I need transportation. When filing ch 7 are you able to keep your vehicle?

Answer By Mark Alonso
Financial Relief Law Center
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You are able to keep your vehicle but will likely have to list what your intention will be on the vehicle, ie: do you wish to redeem it, reaffirm it, etc.. You will also need to make sure that any equity in the vehicle is exempt, otherwise you could risk losing the asset. If you have concerns about how to protect the asset, you should contact a bankruptcy attorney.

Answer Applies to: California
Replied: 7/25/2011

Answer By Bill Zurinskas
Bankruptcy Law Center
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Applies to Chapter 7 bankruptcy using Colorado exemptions: Most debtors get to keep their motor vehicles in a chapter 7 bankruptcy filed in Colorado. Just keep the loan current and as long as the equity in the vehicle doesn't exceed the Colorado exemption limits, you get to keep the vehicle.

Answer Applies to: Colorado
Replied: 7/25/2011

Dearbonn Law Offices
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You can file for bankruptcy and exempt the vehicle. If you exempt it, you will be able to keep it.

Answer Applies to: Washington
Replied: 7/23/2011

The Northwest Debt Relief Law Firm
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Generally yes. Most state exemptions cover at least a few thousand in car equity and most people who have car loans rarely have close to that.

Answer Applies to: Oregon
Replied: 7/23/2011

Answer By Joseph W. Lehn
Lehn Law, PA
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Under the right circumstances a person who files a chapter 7 bankruptcy is able to keep their vehicle. I would advise that you contact an attorney to discuss whether or not you qualify to keep your vehicle without owing the bankruptcy court any money or to determine your other vehicle options. .

Answer Applies to: Florida
Replied: 7/22/2011

Law Offices of Michael J. Berger
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You can keep your car when you file Chapter 7 so long as (a) you can continue to make the payments on the car loan, if any and (b) you have enough left in your exemptions to cover the equity in your car. To apply these principals to the facts of your case, call me for a free consultation.

Answer Applies to: California
Replied: 7/22/2011

Answer By Everett Walton
Everett Walton, Attorney at Law
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You can keep your vehicle by entering into a reaffirmation agreement and making your payments.

Answer Applies to: Hawaii
Replied: 7/22/2011

Answer By Janet Lawson
Janet A. Lawson Bankruptcy Attorney
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Yes, you keep it so long as you pay for it and reaffirm the debt on the vehicle. I am assuming you don't have a huge amount if equity in it.

Answer Applies to: California
Replied: 7/22/2011

Answer By Harry L Styron
Law Office of Harry L Styron
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It depends on what else you have. If you don't have a house, then you can elect the standard bankruptcy exemptions and protect up to $18,675 of equity in property, including your vehicle. If you own a house then you can elect the California Homestead provision and protect up to $75,000 (if you're single) of equity in the house and, if the equity in your vehicle is less than $2,300 you can keep it. You can figure out the equity by looking up the value on kbb.com. If the equity is substantially more than that then the bankruptcy trustee will sell it, give you the $2,300 and pay the rest to your creditors.

Answer Applies to: California
Replied: 7/22/2011

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