QUESTION
Can you keep your vehicle if you file for Chapter 7 bankruptcy?
Asked on Jul 20th, 2011 on Bankruptcy - California
More details to this question:
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?
20 ANSWERS
Yes.
Answered on Jul 25th, 2011 at 12:41 PM
Bankruptcy & Debt Attorney serving Longmont, CO
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William Edward Zurinskas
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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.
Answered on Jul 25th, 2011 at 9:27 AM
Family Law Attorney serving Bellevue, WA
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Dearbonn Law Offices PLLC
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You can file for bankruptcy and exempt the vehicle. If you exempt it, you will be able to keep it.
Answered on Jul 24th, 2011 at 3:15 PM
Karla Lehn
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. .
Answered on Jul 23rd, 2011 at 7:55 AM
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.
Answered on Jul 22nd, 2011 at 2:44 PM
You can keep your vehicle by entering into a reaffirmation agreement and making your payments.
Answered on Jul 22nd, 2011 at 2:39 PM
Chapter 13 Bankruptcy Attorney serving Beaverton, OR
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Law Offices of Alexzander C. J. Adams, PC
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You can keep you vehicle so long as the payments are current (at least in Oregon). However, you need to review your state's exemption rules to ensure that the equity is not so high that a court would take an interest in the car.
Answered on Jul 22nd, 2011 at 1:50 PM
Yes you can keep your car if it falls under the exception status in new York which is now $4000 net equity. You need to consult a lawyer though with all the detail to get accurate advice.
Answered on Jul 22nd, 2011 at 1:38 PM
Bankruptcy Chapter 7 Attorney serving Jacksonville, FL
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Law Offices of Carol M. Galloway P.A.
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Your question asks whether you can retain a financed vehicle if you file a Chapter 7. I am assuming the loan is in your name, and there is no equity in the vehicle. Under your scenario, the answer is "yes," you can keep your vehicle if you file a chapter 7.
Answered on Jul 22nd, 2011 at 1:27 PM
Yes, you will be able to exempt your vehicle. You will need to consult a Bankruptcy attorney so the petition can correctly reflect your desires. Good luck, and I wish you the best!
Answered on Jul 22nd, 2011 at 12:42 PM
Whether you can keep your vehicle in a Chapter 7 depends on the "exemptions" available to you when and where you file and how much "equity" you have in the vehicle.
Answered on Jul 22nd, 2011 at 12:31 PM
Samuel Lee Tucker
Yes, in the vast majority of cases a debtor can reaffirm a vehicle or home.
Answered on Jul 22nd, 2011 at 12:28 PM
Bankruptcy Attorney serving Herndon, VA
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Maureen O'Malley
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Yes, if your payments are on time, ithas insurance, and if there's less than $6,000 equity (VA) in it. If it's paid through Ford there are other requirements as well, which your lawyer will explain to you.
Answered on Jul 22nd, 2011 at 12:22 PM
Christopher H. Ariano
Yes - though there are some restrictions. An individual debtor filing for chapter 7 bankruptcy protection in Arizona is allowed a motor vehicle exemption of $5,000. This means you are allowed to keep a vehicle worth up to $5,000 when you file. You can determine equity in your vehicle by taking the estimated value of the vehicle (I recommend that clients simply go to www.kbb.com and research the resale value of their vehicle) and subtract any loans against the vehicle. Please contact me for more information on possible ways to keep your vehicle when filing if you determine that you have more than $5,000 in equity. Have a nice day.
Answered on Jul 22nd, 2011 at 12:11 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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If you file bankruptcy you can keep your car if you reaffirm the debt. There is a procedure to do this that requires court approval and lender approval. Consult with a bankruptcy attorney for the specifics.
Answered on Jul 22nd, 2011 at 12:10 PM
Yes if you can afford the payments.
Answered on Jul 22nd, 2011 at 11:32 AM
Glen Edward Ashman
Sometimes yes and sometimes no. It depends on the value of the car, the amount of debt, your other income, your other assets, your other debts and other factors. The best way to keep it is to file with a lawyer. You will hit additional barriers to retention of a car without counsel (in this district the court has separate procedures for pro se debtors and debtors with lawyers).
Answered on Jul 22nd, 2011 at 11:32 AM
Bankruptcy Attorney serving Seattle, WA
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Symmes Law Group, PLLC
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In most cases you are able to keep you vehicle after filing bankruptcy. If you have no equity in your vehicle you may keep it. Also if you jurisdiction allows automobile exemptions or wild card exemptions, you may be able to protect your vehicle that way.
Answered on Jul 22nd, 2011 at 11:20 AM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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Yes, but you must remain current. So, it does not seem it would be a problem to you. After you file for bankruptcy protection, the lender will send a "reaffirmation" agreement to your attorney for your signature, which allows you to keep the vehicle but also the debt secured by the vehicle. Once that is signed and filed with the Court, your situation as to the car is the same as it would have been had you not filed bankruptcy that is, you still owe for the vehicle and if you fail to pay it can be repossessed and you can be billed for the deficiency, if any.
Answered on Jul 22nd, 2011 at 11:20 AM
Bankruptcy Decision Attorney serving San Diego, CA
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Law Office of Daniel G. Shay
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Yes, the general rule is that if you want to keep a car, you just keep paying for it and you can keep it. Also look into 722 Redemption.
Answered on Jul 22nd, 2011 at 11:20 AM