Q&A: Am I entitled to keep at least 1 vehicle after filing Chapter 7 Bankruptcy?

Oct 31st, 2011
Leave a comment

Question by brittney: Am I entitled to keep at least 1 vehicle after filing Chapter 7 Bankruptcy?
Even though I have included all my vehicles in the Bankruptcy, Do I get to keep at least one of my two cars (the older one), without reaffirming the debt? Am I entitled to this? One person I talked to says yes, they have to leave you with at least 1 car. Another person I talked to says no they can take them both. Which is it?

Best answer:

Answer by Medic_13
I am almost 100% sure that you have to give them both back if you still owe on them and are declaring chapter 7. It’s been a while since my law classes, but I believe that you have to give them both back.

What do you think? Answer below!

Tags: , , , , , , ,
  1. mailaccount63
    Oct 31st, 2011 at 06:26
    Quote | #1

    Sometimes it depends upon the value of the car you want to keep. Ask your bankruptcy attorney.

    (I hope you are doing this through a bankruptcy lawyer!)

  2. Carey T
    Oct 31st, 2011 at 06:46
    Quote | #2

    In chapter 7 you either have to reaffirm the debt or pay it off on secured property.

    The only instance where you would get to keep the car is if it is paid for and no longer secured and it falls under one of you exemptions.

    Chapter 7 works like this – any property that is secured will be taken and any property that is not exempt will be taken. The secured property goes to the security holders so they can try to get back some of there money, the non-exempt property will be taken by the trustee and used to pay off your unsecured creditors.

    You could of course show up at the auction where you car will be sold at and try to buy it back.

Comments are closed.