Can I protect my car during bankruptcy? 27 Answers as of June 07, 2012

Can I protect my car during bankruptcy?

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Rosenberg & Press
Rosenberg & Press | Max L. Rosenberg
You can protect your car during bankruptcy. There is a statute of exemption that will allow you to exempt a certain amount of equity in your car. If your car is financed and you have no equity in your car is already safe. Most likely the statute of exemption will be for approximately $3500 that should be enough otherwise you can also add your wildcard statue to that.
Answer Applies to: Connecticut
Replied: 6/7/2012
Debt Relief Law Center | Roger J. Bus
Usually cars with no liens can be exempted. If you have a lien on your car, you should continue to make the payments and sign a reaffirmation agreement.
Answer Applies to: Michigan
Replied: 6/6/2012
Law Office of Susan G. Taylor
Law Office of Susan G. Taylor | Susan G. Taylor
Just keep paying for it. If you're behind in payments, you could lose it during a chapter 7; although an automatic stay goes into effect upon filing, the creditor could file a motion to lift the stay & take the car, if you're in arrears. You have other options with regard to vehicles in both chapter 7 & 13see an attorney to explore them.
Answer Applies to: Texas
Replied: 6/6/2012
Compass Legal Group | Kelly Stairs
If your car has equity within the limitations, you have an available exemption amount, and all the proper documents filed, then the car could be protected.
Answer Applies to: California
Replied: 6/5/2012
Bereliani Law Firm | Sanaz Sarah Bereliani
Yes. You can protect your car and assets during bankruptcy. However, there is a limit of how much you can protect. The bankruptcy code provides certain 'exemptions' available to protect assets or equity in your home. If you are above the limits for the assets, then those assets that are not protected can be liquidated.
Answer Applies to: California
Replied: 6/5/2012
    Law Office of Pho Ethan Tran PLLC
    Law Office of Pho Ethan Tran PLLC | Pho Ethan Tran
    In Texas, your car is exempt from the bankruptcy estate as long as you continue to make payments toward any outstanding debts remaining on the car.
    Answer Applies to: Texas
    Replied: 6/5/2012
    The Law Offices of Deborah Ann Stencel | Deborah A. Stencel
    You don't give enough information to really answer this question. As a general rule, if your car is not a luxury car AND you are filing chapter 7, you may keep your car if you can afford the payments and insurance. Talk to an attorney about your specific situation.
    Answer Applies to: Wisconsin
    Replied: 6/5/2012
    The Smalley Law Firm, LLC | Cary Smalley
    Generally one car is exempt for each person filing bankruptcy. I suggest you consult with a bankruptcy attorney to discuss the details of your situation.
    Answer Applies to: Kansas
    Replied: 6/5/2012
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    Yes, there are exemptions available under most state's laws that can protect a certain amount of equity in your vehicle. Exemptions are "protections" for value you have in certain assets such that they are "exempt" from collections. Every state has different exemptions amounts available. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
    Answer Applies to: California
    Replied: 6/5/2012
    J.M. Cook, P.A. | J.M. Cook
    You can exempt up to $3500 in your vehicle. You could also use all or part of the "wildcard" exemption.
    Answer Applies to: North Carolina
    Replied: 6/5/2012
    Stephen A Harry, P.C. | Stephen A Harry
    Each State has "exemption laws" passed by their state legislature that treat assets differently. Oklahoma State law allows one vehicle per person who files a bankruptcy petition with equity of $7,500. That means if your car is worth $ 12, 000 and you have a vehicle debt of $6,000 then your vehicle is "exempt" since you only have $6,000 in equity in your vehicle.
    Answer Applies to: Oklahoma
    Replied: 6/5/2012
    Law Office of Michael Johnson
    Law Office of Michael Johnson | Michael Johnson
    Yes you can.
    Answer Applies to: Florida
    Replied: 6/5/2012
    Robert Suhajda
    Robert Suhajda | Robert Suhajda
    Yes, list it as an exempt asset.
    Answer Applies to: California
    Replied: 6/5/2012
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    Yes, that is commonly done.
    Answer Applies to: California
    Replied: 6/5/2012
    Barbara Fontaine, Esquire | Barbara Fontaine
    You are allowed certain exemptions is bankruptcy. It depends on the equity ( value minus loan balance ) as to how much your car is valued. There are quite generous "other" amounts you may be able to use to keep your car, depending on whether you have the maximum exemption claimed if you own a house? You will need to reaffirm any loan on the car if you want to keep it.
    Answer Applies to: Rhode Island
    Replied: 6/5/2012
    Milton Acevedo, Esq.
    Milton Acevedo, Esq. | Milton Acevedo, Esq.
    Florida allows for a $1,000.00 exemption for a personal vehicle. If you do not claim a homestead exemption, you have up to an additional $4,000.00 exemption to use on whatever you'd like. If your vehicle is financed, you may reaffirm the loan and keep the vehicle so long as the lender agrees.
    Answer Applies to: Florida
    Replied: 6/4/2012
    R. Jason de Groot, P.A
    R. Jason de Groot, P.A | R. Jason de Groot
    Yes, by paying the debt on it you will be able to keep it. You can claim $1000 of equity in a single motor vehicle, or when you have no homestead exemption you can claim up to $4000 of personal property as being exempt.
    Answer Applies to: Florida
    Replied: 6/4/2012
    The Law Office of Darren Aronow, PC
    The Law Office of Darren Aronow, PC | Darren Aronow
    Yes, you get exemptions for some equity and depending on your case, you may be able to file under federal exemptions to get additional wildcard exemption.
    Answer Applies to: New York
    Replied: 6/4/2012
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Sometimes, depending on the value of it, what else you own, and what you owe. A lawyer will be able to calculate it with your numbers.
    Answer Applies to: Georgia
    Replied: 6/4/2012
    Diefer Law Group, P.C.
    Diefer Law Group, P.C. | Abel Fernandez
    If your are still making payments, as long as you continue to pay you will be able to keep the car. If the car is already paid, then it will depend on it's value and the value of other assets you have.
    Answer Applies to: California
    Replied: 6/4/2012
    Salberg Murdock
    Salberg Murdock | Jeffrey D. Salberg
    That depends on the equity value in your car and what type of bankruptcy you file (7 vs. 13) If you file jointly with a spouse, you can exempt up to $5,000 inequity (value of the car less any secured debt remaining due). If the vehicle is necessary to operate your business, you can get an additional exemption amount. More information is needed. Please consult with a competent Bankruptcy attorney.
    Answer Applies to: Utah
    Replied: 6/4/2012
    Law Office of D.L. Drain, P.A.
    Law Office of D.L. Drain, P.A. | Diane L. Drain
    Normally, yes. But, it does depend on the value of the car and the debt that you owe. Plus, it depends on the state where you live. Bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step. Most Arizona bankruptcy attorneys offer a free consultation about the basics of bankruptcy.
    Answer Applies to: Arizona
    Replied: 6/4/2012
    Ross Smith, Attorney at Law
    Ross Smith, Attorney at Law | Charles Ross Smith III
    Yes. If you file a Chapter 13, you have no problems keeping a car, if you can make the payments. If you file a Chapter 7 in Ohio, you get an exemption for $3,450.00 worth of equity in your car. Plus, there is a $1,150.00 "wildcard" exemption that you can apply to a car also, if you don't need the wildcard elsewhere. You take the exemption by declaring the car on your Schedule B and exempting it on Schedule C of your bankruptcy petition. Good luck.
    Answer Applies to: Ohio
    Replied: 6/4/2012
    Ryan Legal Services, Inc.
    Ryan Legal Services, Inc. | Kevin Ryan
    In Ohio, there is a motor vehicle exemption as to vehicle equity up to $3,450.00 per debtor. Ohio also has a miscellaneous exemption of $1,150.00 which can also be attached to the vehicle.
    Answer Applies to: Ohio
    Replied: 6/4/2012
    Attorney At Law | Harry D. Roth
    In almost all cases, yes. However, if your car is not yet paid for, you must still pay for it in order to keep it.
    Answer Applies to: California
    Replied: 6/4/2012
    Wajda Law Group, APC
    Wajda Law Group, APC | Nicholas M. Wajda
    Under Nevada exemptions you can protect the equity in a single vehicle for up to $15,000. You can determine the equity in your vehicle by taking the private party sale value of the vehicle and subtracting out any liens against the vehicle (whether the loan you took out when buying the car or a title loan you later took out). Note that you must also make sure that you are eligible to use Nevada exemptions as there are certain residency requirements needed. Exemptions vary greatly from state to state so this is an important determination.
    Answer Applies to: Nevada
    Replied: 6/4/2012
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