Can you keep your cars in a chapter 7 bankruptcy?

Answer 1

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.

Answer 2

If 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.

Answer 3

Maybe, 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.

Answer 4

Can I keep my paid off autos if I fie bankruptcy?