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


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.

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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

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