Can I Keep My Car If I File Chapter 7 Bankruptcy?
If you're considering filing for Chapter 7 bankruptcy, you may be wondering what will happen to your car. The good news is that you can keep your car if you file for Chapter 7 bankruptcy. Here's what you need to know about keeping your car during bankruptcy.
When you file for Chapter 7 bankruptcy, the court will appoint a trustee to oversee your case. The trustee will review your assets and liabilities and determine whether any of your property can be sold to pay off your creditors.
Your car is considered an asset, but it's exempt from being sold off to pay creditors in most cases. That means you can keep your car as long as you continue making payments on time.
However, if your car is worth more than a certain amount, the trustee may decide to sell it and use the proceeds to pay off some of your debts.
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