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Bankruptcy Law Center
ABOUT CHAPTER 7
HOW CHAPTER 7 WORKS
THE CHAPTER 7 DISCHARGE
ABOUT CHAPTER 13
HOW CHAPTER 13 WORKS
THE CHAPTER 13 DISCHARGE
STATE EXEMPTIONS
COURT GUIDE
ROLE OF THE TRUSTEE
BANKRUPTCY TERMS
BANKRUPTCY & TAX LIABILITY
FREQUENTLY ASKED QUESTIONS

 

Can I Keep My Car After Bankruptcy?

Yes. What you must do to keep the car varies depending on whether there is non exempt equity in the car.

Will the trustee take the car?
If there is no equity in the car, after subtracting any car loan and exemption from the car's present value, the bankruptcy trustee will not take the car.

If there is equity in the car over and above the value of the exemptions available, a debtor can usually buy any unprotected equity from the Chapter 7 trustee.

Will the creditor take the car?
If you still owe money on the car, you may reaffirm the debt to the secured lender, keep the car, and continue paying under the existing terms; or you can buy the car from the secured creditor in a single payment for its present value (redemption). Under the new law, you have to reaffirm your car loan within 45 days after the "341 meeting."

If you choose, you can surrender the car and be free of any obligation to pay for it.

We include unlimited re-affirmation agreements with our online bankruptcy software.


Limited Time Offer! File bankruptcy today and keep your car. Save 50% during our April Sale!
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