Can I Keep My Car if I File Chapter 7 in New York?

more+
less-

If you're thinking about filing Chapter 7 in New York, you've probably wondered whether or not you will get to keep your car after you receive your discharge. If you're like most of us, you'll still have a job to go to every day, so you'll need a means of transportation to get there.

It's important to discuss your specific situation with a New York bankruptcy lawyer; however, here is some general information to help you determine if you will be able to keep your car:

If you own the vehicle, and are not making loan or lease payments, you will likely be able to keep the car so long as the car is worth less than $2,400. The value is based on the trade-in value, not the amount of money it would cost you to buy the car brand new at a dealer.

LOADING PDF: If there are any problems, click here to download the file.


DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Jay Fleischman, Shaev & Fleischman LLP | Attorney Advertising

Written by:

more+
less-

Shaev & Fleischman LLP on:

JD Supra Readers' Choice 2016 Awards
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.
×
Loading...
×
×