Can I Keep My Car If I File Chapter 7 Bankruptcy?
If you are considering filing for Chapter 7 Bankruptcy, one of your chief concerns may be whether or not you can keep your car. The good news is that the answer is usually yes. With some exceptions, it is quite possible to retain ownership of a vehicle while in Chapter 7 Bankruptcy. However, there are certain steps and considerations one must take into account when attempting to keep their car during bankruptcy proceedings.
First and foremost, it’s important to understand what assets you can exempt from liquidation under federal or state law when filing for Chapter 7 Bankruptcy. In most cases, automobiles are considered exempt property as long as it meets certain criteria such as its value and age being below a specified amount in your state. It also helps to have made all payments on the vehicle up until this point and provide evidence of this payment history if asked by the court.
The Law Offices of Omar Zambrano has helped thousands of people and businesses in the past to get out of the debt and start over.
Our goal is to help you find a fresh start FAST!
Schedule your free consultation today! By Calling 626-338-5505 or visiting us at 12738 Ramona Blvd Baldwin Park CA 91706