Can I file for bankruptcy and keep my cars? 22 Answers as of November 01, 2013

I have a civil suit filed against me, and I want to file bankruptcy. I have credit cards.

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Law Office of Thomas C. Phipps | Thomas C Phipps
You can keep one vehicle worth up to $3,000.
Answer Applies to: Missouri
Replied: 11/1/2013
The Law Offices of Katie M. Stone
The Law Offices of Katie M. Stone | Katie M. Stone
Keeping your cars in bankruptcy can depend on a lot of things. In Florida, you are allowed a 1K car equity exemption per person filing. You are also allowed a 1K personal property equity exemption per person. If you are not using the homestead exemption, you are also allowed an additional 4K personal property exemption per person. You can apply the unused personal property exemption towards equity in your car.
Answer Applies to: Florida
Replied: 9/26/2013
Law Offices of David A. Tilem | Michael Avanesian
In general, yes.
Answer Applies to: California
Replied: 9/18/2013
Goldsmith & Guymon
Goldsmith & Guymon | Marjorie Guymon
A debtor has one car exemption of up to $15,000 equity. If both your cars are paid for you may only claim one exempt if your vehicles have no equity then the trustee will not attempt to liquidate and sell.
Answer Applies to: Nevada
Replied: 9/18/2013
The Schreiber Law Firm
The Schreiber Law Firm | Jeffrey D. Schreiber
That would depend on whether you own the cars outright, or have any equity in the cars if you are still making payments. To the extent there is equity or the value of the car if owned outright, if there is an exemption available to apply to cover the value or equity, then you can keep the cars. If you cannot protect or fully protect the value or equity with an exemption, the bankruptcy trustee can sell the car and use the unprotected value or equity to pay creditors. Also, if you owe money on the cars, you would also need to reaffirm the debt with the car lender in order to be able to keep the car as they have the right to repossess if you do not reaffirm.
Answer Applies to: California
Replied: 9/17/2013
    Portland Bankruptcy Law Group
    Portland Bankruptcy Law Group | Christopher J. Kane
    The answer to that question all depends on the values of your cars. You should consult an experienced attorney to discuss whether the exemptions allowed in Oregon are large enough to protect your cars.
    Answer Applies to: Oregon
    Replied: 9/17/2013
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Generally yes. It depends on what they are worth and how much equity you have in them. State exemptions vary so you should check with local counsel.
    Answer Applies to: California
    Replied: 9/17/2013
    Danville Law Group | Scott Jordan
    California has some of the most generous exemptions in the country. If you use the exemptions correctly, you should be able to retain your cars. I suggest you contact a local bankruptcy attorney to discuss further and plan accordingly.
    Answer Applies to: California
    Replied: 9/17/2013
    A Fresh Start
    A Fresh Start | Dorothy G Bunce
    You can keep your car provided you can continue to make the payments and provided the equity you have in the vehicle (value minus loan) is within the exemption amount provided by state law. In Nevada, the exemption amount is $15K.
    Answer Applies to: Nevada
    Replied: 9/17/2013
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Yes, if your cars fall under the exemptions that you are entitled to then you can keep them.
    Answer Applies to: New York
    Replied: 9/17/2013
    Deborah F Bowinski, Attorney & Counselor at Law | Debby Bowinski
    The answer depends upon the net equity value of the cars, whether you are current on loan payments, and in which jurisdiction you live. You should consult with an attorney who can look at the big picture and provide personal advice.
    Answer Applies to: Colorado
    Replied: 9/17/2013
    The Smalley Law Firm, LLC | Cary Smalley
    Each debtor is entitled to keep one vehicle in bankruptcy.
    Answer Applies to: Kansas
    Replied: 9/17/2013
    Charles Schneider, P.C.
    Charles Schneider, P.C. | Charles J. Schneider
    Yes. If you qualify for filing bankruptcy and the cars are within your exemption limits.
    Answer Applies to: Michigan
    Replied: 9/17/2013
    Elkington Law
    Elkington Law | Sally Elkington
    If you file a Chapter 7 bankruptcy, and you have loans on the cars, the loans must be current. If they are current, or you don't have any loans, then in order to keep the cars, you will have to be able to protect them under the exemption scheme available to you. If you file a Chapter 13 bankruptcy and you have loans on the vehicles and the loans are over 910 days old or are refinanced loans, you might be able to cram the values and/or the interest rate down. You should see a bankruptcy attorney to make sure you file the right bankruptcy and protect your cars properly in that bankruptcy.
    Answer Applies to: California
    Replied: 9/17/2013
    The Northwest Debt Relief Law Firm
    The Northwest Debt Relief Law Firm | Thomas A McAvity
    Almost always in a Chapter 7 provided that you have lived in Oregon, Washington or California for the last two years and with near certainty if you are contemplating filing Chapter 13.
    Answer Applies to: Oregon
    Replied: 9/17/2013
    Law Office of Stuart M. Nachbar, P.C.
    Law Office of Stuart M. Nachbar, P.C. | Stuart M. Nachbar
    In New Jersey, the situation you have described would not prevent you from filing.
    Answer Applies to: New Jersey
    Replied: 9/17/2013
    Stuart Jon Bierman  Attorney at Law
    Stuart Jon Bierman Attorney at Law | Stuart Jon Bierman
    Th general result is that you can keep an asset, such as a car,_provided_ that you do not have too many assets in terms of equity (value minus and debt on the asset, such as the value of the car minus the balance of the loan on the car). You would also have to keep making the payment on the car loan to avoid repossession by the lender. This is only the general result and you would be best off discussing this with an attorney because there are several variables that could effect the final determination as to whether or not you can keep the cars while having the credit card bills wiped out.
    Answer Applies to: New Jersey
    Replied: 9/17/2013
    The Law Offices of Deborah Ann Stencel | Deborah A. Stencel
    Unfortunately, you do not provide enough information to answer your question. Most people can keep their cars when filing Chapter 7, but the answer truly depends on a number of factors (value, loan balance, exemptions available, whether you can afford the car, etc.)
    Answer Applies to: Wisconsin
    Replied: 9/17/2013
    Law Office of Lynnmarie A. Johnson
    Law Office of Lynnmarie A. Johnson | Lynnmarie Johnson
    If your car is paid for and worth less than you can exempt (about $3600 specifically for the car and up to about $12,250 in wild card exemption) or if you owe money on it, which for most of is us, you can generally keep your car as long as you can exempt whatever equity you have in the car, if any, and afford to make the payment.
    Answer Applies to: Michigan
    Replied: 9/17/2013
    Law Offices of A. J. Mitchell, LLC
    Law Offices of A. J. Mitchell, LLC | A. J. Mitchell
    It depends on how many cars you have, their market values and the amount of equity you have in them.
    Answer Applies to: Georgia
    Replied: 9/17/2013
    Stuart P Gelberg
    Stuart P Gelberg | Stuart P Gelberg
    It depends on how much equity you have in the cars and what exemptions you are able to claim.
    Answer Applies to: New York
    Replied: 9/17/2013
    Stittleburg Law Office
    Stittleburg Law Office | Bernd Stittleburg
    Yes, provided you can continue making the payments on the car.
    Answer Applies to: Georgia
    Replied: 9/17/2013
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