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Yes, you can keep you car in chapter 7 bankruptcy. In Chapter 7 bankruptcy there are some rules. You can only file Chapter 7 if your income is below your state's median or is not enough to pay off your current debt.
Wiki User
∙ 13y ago
Wiki User
∙ 16y agoIf you are current on the payments and your equity in the car isn't worth more than the exemption.
If your equity in the car is worth more than the exemption, you may be required to pay the difference if you don't want to give up the car.
Speak with an attorney about your specific situation. If you can not find an attorney, contact your local Bar association and they will refer you to one.
Wiki User
∙ 11y agoMaybe, it depends on whether or not the debt is secured and the secured amount. If you own it free and clear, and is very valuable, it will be seized and sold by the trustee. If there is a secured creditor, but the claim is small and the car value is great, it can still be seized, with the secured creditor paid off, you receiving the exempt amount, and the remainder to pay off creditors.
Wiki User
∙ 15y agoCan I keep my paid off autos if I fie bankruptcy?
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Can you keep your cars when you file for chapter 7?
Yes, in most cases, a person can keep their cars when they file for Chapter 7 bankruptcy. It will ultimately depend on the bankrupt court.
Can you keep your airline miles in a chapter 7 bankruptcy?
Yes
If I file Bankruptcy-7, will I be able to keep my 401k/ my home/ and my cay?
Chapter 7 is a liquidation bankruptcy, you are giving up your assets. If you want to keep your home and car you would need to file a Chapter 11 Bankruptcy.
In chapter 7 can you keep the house?
Yes. you can keep the home. Make sure to consult a bankruptcy attorney
What is the difference between a Chapter 7 and a Chapter 11 business bankruptcy filling?
In Chapter 7 bankruptcy, assets of a business are sold to help pay back their debts. In Chapter 11, businesses can keep their assets and try to negotiate new terms with their creditors.
Can you protect a structured settlement in a chapter 7 bankruptcy?
Yes you can protect it under chapter 7 bankruptcy
Chapter 7 limits?
what are the chapter 7 limits for bankruptcy?
When can you file a chapter 7 bankruptcy if you had a chapter 7 discharged in December 2001?
The bankruptcy petitioner can file another chapter 7 8 years after the date of filing of a previous chapter 7.
How long does it take after a bankruptcy is discharged to show on your credit report?
The amount of time a bankruptcy stays on your credit report after discharge differs between Chapter 7 and Chapter 13 Bankruptcy. With Chapter 7 bankruptcy, the Chapter 7 stays on your credit report for 10 years. Chapter 13 bankruptcy, after discharge, it shows for 7 years on your credit report.
Is there a way to keep property when a chapter 13 is converted to a chapter 7?
No. If it is not covered by the allowed bankruptcy exemptions then it is subject to seizure and sale or liquidation. The filer always has the option to have the bankruptcy dismissed,
In Kentucky How long after bankruptcy can you file chapter 7 and can you file chapter 13 after chapter 7?
You can file bankruptcy again 7 years after the last time you filed.
After Chapter 7 bankruptcy has been Discharge can buy a home?
After Chapter 7 bankruptcy has been Discharge can buy a home
