Can I Keep my Car When I File Bankruptcy?
When you file a bankruptcy, you want to keep your basic assets including your car. When you file chapter 7 or 13, you can generally keep your car assuming you are able to utilize the federal or California based exemptions applicable to your case. The specifics of how exemptions work or are applied on a case to case basis can be complex. Thus it is important for you to consult an experienced bankruptcy attorney.
Generally speaking, if all you own is your car and few other nominal assets, you will generally keep that car assuming it is worth less than around $25,000. However, the more you own, the more complex things can get. If you are also a homeowner with equity, you will need the guidance of an attorney to ensure your best interest and your assets are fully protected.