Keep My Car Bankruptcy
Can I keep my car bankruptcy may affect all of your assets if I file for insolvency? There are ways to keep your automobile, though these ways can be somewhat tricky.
This article does not contain legal advice. The advice listed in this article is solely present to provide you with basic information. In order to attain proper legal counseling, contact a bankruptcy lawyer. That said, under Chapter 13 you may be able to keep your automobile if the car was purchased 910 prior to the filing. Still, you will be required to pay the outstanding balance on the car. If you are asking yourself: can I keep my car bankruptcy will not erase all car payments.
In short, if you are planning on keeping your car, you must be able to continue making the payments. You cannot simply file for bankruptcy, keep the car, and never make another payment on it. If you are about to file under Chapter 7, retaining your car might be a lot harder. Debtors are now required to pay the retail value of the car (according to Kellys Blue Book). Most of the time, this value is a lot higher than any private sale of the car would be. In this case, it may be an option to give up your car if the payments are not within your budget.
If all of this sounds confusing to you, it is best to contact a lawyer. There are far too many details and stipulations to consider for you to go about this process on your own. Depending upon what kind of filing you are attempting to go through, you car may, or may not, be seized and sold. Though most debtors wind up paying the full value of the car with or without insolvency, this may not always be the case. A knowledgeable lawyer will be able to answer the question: can I keep my car bankruptcy may not be the right answer if I file insolvency?
The rules behind insolvency laws are difficult to comprehend on your own. This is precisely why there are many lawyers out there dealing solely with bankruptcy law. To get the best deal for your money, it helps to have a good lawyer on your side.
Now that you know the answer to the original question (can I keep my car bankruptcy-wise?), you can determine the right course of action for your case.