Will I lose my vehicle if I file bankruptcy? - Bankruptcy Law Questions and Answers- LawQA.com

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Will I lose my vehicle if I file bankruptcy?

Will I lose my vehicle if I filed for bankruptcy?

Answer By Janice Alfred
Alfred Law Firm
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If you qualify for a chapter 7, you can chose to retain the vehicle by reaffirm the debt before the bankruptcy becomes final. If you file a 13 you will be able to keep it as long as you continue to make your payments under the plan.

Answer Applies to: Georgia
Replied: 11/4/2011

The Law Offices of Seth D. Schraier
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If you live in New York State, you can have $2,400.00 exempted from the value of your car. The Bankruptcy Trustee will look at the current Blue Book value of the car, and whether you owe any money on it. The Bankruptcy Trustee will then look at the total debt that you have, and whether it is worth it to have the car repossessed to auction off to pay your debt. So for example, if you have a car that's worth $4,000.00, the trustee may decide that the costs of auctioning the car would be too high to make repossession of the car worth it.

Answer Applies to: New York
Replied: 10/27/2011

Answer By Eric Lewis
Indianapolis Bankruptcy Law Office of Eric C. Lewis
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Applicable "exemptions" protect a certain amount of equity in a vehicle.

Answer Applies to: Indiana
Replied: 10/27/2011

Dearbonn Law Offices
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No, if you claim an exemption and make your payments if you have any.

Answer Applies to: Washington
Replied: 10/27/2011

Answer By Darren Aronow
The Law Office of Darren Aronow, PC
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If you can afford the car payment, most lenders will allow you to sign a reaffirmation agreement so that you can keep your car if you are current on your payments.

Answer Applies to: New York
Replied: 10/26/2011

Answer By Janet Lawson
Janet A. Lawson Bankruptcy Attorney
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Probably not... unless it is a very expensive car with no debt.

Answer Applies to: California
Replied: 10/26/2011

Answer By Tony Mankus
Mankus & Marchan, LTD
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If you're not in arrears with your car payments, you can reaffirm the car loan and keep the vehicle in bankruptcy. If you're behind in the payments, you may have options to keep it in a Chapter 13 bankruptcy. Consult with a bankruptcy attorney.

Answer Applies to: Illinois
Replied: 10/26/2011

Answer By Kevin Heupel
Heupel Law
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It depends on the equity of your vehicle. In Colorado, you are allowed to keep a vehicle up to $5,000 in equity if you're single. The amount doubles if you are married, disabled, or over 60 years of age. Equity is determined by subtracting the loan balance from the car's value. If you're under $5,000, then you keep your car, but if the car is worth more, then the car would be lost in a Chapter 7 bankruptcy.

Answer Applies to: Colorado
Replied: 10/25/2011

Answer By Katie M. Stone
The Law Offices of Katie M. Stone
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Whether you lose your vehicle or not depends on a lot of factors such as: whether you own real property (land or houses) and are keeping it, the amount of equity you have in the car vs. the amount of statutory exemptions you have to use, etc.

Answer Applies to: Florida
Replied: 10/25/2011

Theodore N. Stapleton, PC
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No you can reaffirm the debt on the vehicle and keep it.

Answer Applies to: Georgia
Replied: 10/25/2011

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