How to Keep your Car in Bankruptcy


In filing for bankruptcy, the thing people fear most is losing important assets such as their house or car. Having a house to live in is obviously important, but in certain situations, it is almost impossible to survive financially without a car. You would need a vehicle to help you get to and from work, at the very least. Hence, most people would want to keep their vehicles when filing for bankruptcy.

The good news is that it is possible to keep your car or whatever vehicle you own when you file for bankruptcy. However the conditions depend on a few factors. The first determining factor is the type of bankruptcy you file for. Essentially, for individuals there are two types of bankruptcy – chapter 7 and chapter 13.

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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.

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