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Monday, January 5, 2009
What will happen to our car that we owned, if we file for bankruptcy?
If you file for chapter 7 bankruptcy, up to $15,000 of the equity in the car is exempt, meaning the court will let you
keep it as long as it is paid off. Even if the car is not paid off, as long as you continue making payments
and they are current, you will be able to keep the car. If you file for chapter 13 bankruptcy, the same rules
apply, and you may be given a reasonable payment plan you can afford to catch up on any late payments.
12:31 am est
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