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dylatess, Attorney
Category: Bankruptcy Law
Satisfied Customers: 5142
Experience:  37 plus years of experience specializing in bankruptcy law
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If having to file bankruptcy can the take my cars?

Resolved Question:

If having to file bankruptcy can the take my cars?
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  dylatess replied 4 years ago.
Over 33 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions. If you are making car payments, you must continue to make your payment or the creditor can repossess your car. Likewise, if you own your car/cars free and clear, you can claim them exempt in the bankruptcy. And depending which state you reside in, you can protect as much as $18000 in the value of your vehicles. So if you cars are older, with lots of miles, it is not a problem. But if you have a new car, and own it free and clear, it will be an issue.

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