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Can I keep my car if I file bankruptcy?

2013 Ford Fusion

Your car is an asset (even if you owe more than it is worth)in bankruptcy.

The value of this asset is based on the equity in your car.

You are allowed to claim as exempt a number of assets when you file bankruptcy.

Assuming your car is exempt, when you file chapter 7 bankruptcy and your car is financed, you will need to continue to make your payments. The lien holder may ask you to sign a reaffirmation agreement.

If you file chapter 13 your car can be paid through your plan of reorganization.


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Posted December 2012|Updated 05/02/2015