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Yes, as long as you do not include it on the bankruptcy, at least in Florida. * The vehicle exemption that is allowed by either federal or state law determines whether or not the vehicle can be excluded from bankruptcy action.

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Q: Can you keep a car and car loan presuming you make payments on time and still file chapter 7 you have less than 1K equity in vehicle?
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Related questions

How do you get rid of a vehicle with negative equity?

Let someone else take over the payments.


Equity Line of Credit Payments?

Equity Line of Credit Payments For a ten year draw period, this calculator helps determine both your interest-only payments and the impact of choosing to make additional principal payments.


Would you be asked to put a mortgage on your house to pay your bills if you file for chapter 7 bankruptcy?

No. But if you have equity in your home it may not be the best approach. A chapter 13 is designed for a situation where the person has equity or is behind on payments. In a Chapter 7 - You will be asked to pay the Trustee the value of the equity of your home... so if you have $15,000 in non-exempt equity, you'll most likely have to write a check to the Trustee for $15,000 or surrender the home. no ,but if you include the Mortgage on your property in your bankruptcy,most likely you will have to surrender the property to a court appointed trustee


What happens if you have a baby on the way and have bad credit and have a high interest rate on your vehicle and cant afford it?

The best option would be to sell the vehicle for the equity you have (as in, the amount you have paid on it) and buy a reliable used car for cash with no payments.


How long can you stay in your home after chapter 7 bankruptcy in Illinois?

If, after meeting with an attorney, it is determined that you do not have an equity position in your home that exceeds the Illinois statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments.


Can you claim an equity loan on chapter 7?

No


Bankruptcy without losing home?

You can keep your home in a chapter 7, if it is determined that you do not have an equity position in your home that succeeds your state's statutory exemptions, as long as you continue to be current on your monthly mortgage payments.


Will you lose your vehicle or house by converting from chapter 13 to chapter 7 bankruptcy?

Probably there are much more chance that you will be loosing your house and vehicle by converting from chapter 13 to chapter 7 bankruptcy. There is a $25 conversion fee that has to be paid to the court. Depending upon the status of your chapter 13 case.


What is near equity?

Near-equity investments consist of debt that is convertible to equity and debt with warrants, royalties or participation payments. Near-equity can be structured to act like equity, with deferred payments that give young firms the patient capital they need in their early years. http://www.frbsf.org/publications/community/review/122006/rubin.pdf


Are cars protected under bankrupt laws?

This is question does not have a simple answer. Under Chapter 7 bankruptcy whether you will be allowed to keep your car varies by state. In the case of motor vehicles it depends on your equity in the vehicle and the "motor vehicle exemption" allowed by your state law. In some cases you are allowed only your equity -- that is the value of the used car minus the amount you own on a your loan. And of your equity your may be allowed only some portion, called the motor vehicle exemption. The exemption allowed by your state and your equity determine if you can keep your car.


Can I file bankruptcy and keep my home?

If it is determined that you do not have an equity position in your home that exceeds the state statutory exemptions, you will be able to keep your home in a Chapter 7, as long as you continue to be current on your monthly mortgage payments


Can you keep your house if you go bankrupt?

In a chapter 7, you can keep the house if there is no equity or the equity is exempt under the applicable exemption statute, or if you can pay the trustee the amount of the equity from some other exempt asset. If the house is in foreclosure, you usually would have to file a chapter 13. In a chapter 13, if the equity in the house, if not exempt, you may have to pay something to the unsecured creditors, increasing the amount of the plan and thus the plan payments. But you get to keep the house.