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Posted On: June 11, 2010 by Scott Sagaria

How do I keep my car in bankruptcy?

A San Jose bankruptcy lawyer addresses what many ask: How do I keep my car in bankruptcy?

One of the biggest fears about filing bankruptcy is losing either your house or your car. So how does one keep their car in bankruptcy? If you own your car outright, meaning there is no loan attached to your car; California offers a $3,350 automobile exemption. If your automobile is worth more than $3,350 there is a wildcard exemption which can be used to cover the rest of the value of the car. Thus, you will not lose your car in bankruptcy.

If there is a loan attached to your car, the first and most important thing to be sure of is to be up-to-date on your car payments. If you owe arrears on your car in bankruptcy, the lender may attempt to liquidate the car in order to satisfy its loan. You should also continue to make payments on your car in bankruptcy. This shows good faith to the lender and makes it more likely to simply continue the prearranged payment schedule.

To keep your car in bankruptcy, you may be forced to sign and file a reaffirmation agreement. A reaffirmation agreement is a document which retains the personal liability of the debtor to the car loan following the discharge of the bankruptcy. As explained above, there are several options in which to keep your car in bankruptcy.

If you have questions regarding Bankruptcy in San Jose please contact us at 408.279.2288 for a free consultation or visit www.bkanswers.com and we can connect you with one of our experienced San Jose Bankruptcy Attorneys. After you have spoken with one of our downtown San Jose bankruptcy attorneys, we can schedule you for a free face to face appointment in an office location nearest you. Our team of San Jose Bankruptcy Lawyers can assist you with all aspects of your bankruptcy or bankruptcy litigation case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, or would like to learn more about bankruptcy litigation, legal debt settlement, mortgage modification, lien stripping, cram down, stopping a foreclosure, wage garnishment, asset protection, discharging a debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist you with all of your debt resolution questions. Please feel free to complete our free online bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy. We look forward to hearing from you, San Jose and the South Bay!



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Posted In: Consumers in Debt

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