Practice Areas » Bankruptcy» Frequently Asked Questions » Can I Keep My Vehicle?

Can I Keep My Vehicle In Bankruptcy?

State and federal exemptions can be used to protect the things you own during bankruptcy, including your vehicle up to a certain dollar amount. Although past performance is no guarantee of future outcomes, most of our clients have been able to keep their vehicles through the bankruptcy process.

For vehicles with loans, you will typically need to make the payments in accordance with your loan in order to keep the vehicle. That is, even if the vehicle is exempt so that the bankruptcy trustee cannot take it, if you stop making your payments the lender may be able to repossess the vehicle. There are some situations, however, where it is advantageous to put a vehicle into the chapter 13 plan to catch up on arrears or to pay it off for less than the value of the loan.

To discuss your financial situation and options in more detail, please contact us or use ouronline scheduler for a free consultation. You may also submit your information for review by a Minnesota bankruptcy attorney.

For information about how bankruptcy can stop a garnishment, click the 'Next' button.

Share |
Your Rating For This Article:
Tell Us About Your Situation
Full Name