Will I be able to keep my car in a Chapter 7 bankruptcy? Posted on February 04, 2011

I live in Oregon and am filing Chapter 7 Bankruptcy on my own. I have a car that I owe about $7,700 on but I believe has a private party value of $20K. I am current on the payments. This is my only asset besides very basic furniture, clothing, etc., all of which is valued at well under the exemption amounts. I have no savings or investments. My unsecured debts are around $40K, students loans around $10K and the car at $7,700. Might the trustee allow me to keep my car or would I be better off switching to Chapter 13?

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