Will I Lose My Car?
Will I Lose My Car in Bankruptcy?
Losing your car will undoubtedly impact your ability to continue employment Florida recognizes the importance of protecting your vehicle against creditors. You can claim an exception for your vehicle if the value of the car, less all loans against the cars, is less than $1,000.00. This can also be coupled with a other exceptions.
Can You Keep Your Car in Chapter 7 Bankruptcy?
In Chapter 7 Exemption
laws allow you to “exempt,” or protect property in bankruptcy, including a modest car (truck, motorcycle, or van) assuming that you own your vehicle, or that your vehicle payments are current and up to date. If you’re behind on your car loan, you can’t keep your car unless you work out a plan to bring your payments current before you file for bankruptcy. In Chapter 7 bankruptcy, you must give up your nonexempt property, anything you can’t protect with an exemption
Can You Keep Your Car in Chapter 13 Bankruptcy?
In Chapter 13 bankruptcy
offers benefits that can help you keep your vehicle. If you’re behind on your car loan payments, you can catch up through your Chapter 13 plan. Even better, is some cases if you owe more on your car loan than the car is worth, you might be able to reduce the amount owed.
At Nardi & Nardi our attorneys can help you apply for recognition of your vehicle exemption with the court and the return of your vehicle. Call us today for a free consultation at (407) 478-0074,
email us, or complete our contact form