If i file for bankruptcy, will I lose my my car?

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If i file for bankruptcy, will I lose my my car?

I will be filing my personal Chapter 7 in November. I want to keep my automobile which will be paid off in November. This is my only vehicle. Can the court allow one of my creditors to take my car? I am not able to collect a salary from my company now as I am a 50% owner and I do not want my salary garnished from now until November, December when I will appear.

Asked on August 16, 2010 under Bankruptcy Law, Florida

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

I think that you should consult with a bankruptcy attorney in your area on this matter.  When you file for bankruptcy you are entitled to take either State exemptions or Federal Exemptions.  Most people look at both to see which would be more advantageous in their particular situation.  Florida has a state exemption for automobiles up to $1000 from what I can tell.  That is not a very large exemption in this day and age.  Generally the trustee has the power to marshall assets for sale for non dis-chargeable debt.  You need to lay all your cards on the table in order to get an idea here of what will be.  Good luck.


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