If my car was deemed a total loss from a hurricaine and was included in my Chapter 7, will I be able to keep some of the insurance proceeds to purchase another car?

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If my car was deemed a total loss from a hurricaine and was included in my Chapter 7, will I be able to keep some of the insurance proceeds to purchase another car?

Asked on November 5, 2012 under Bankruptcy Law, New Jersey

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

If your car was included in your bankruptcy petition (the lender) and you received a discharge as to the debt concerning the car where there was no turn over order as to it, then you might be able to keep some of the insurance proceeds for its loss assuming the lender was named as an additional insured under the policy of insurance for it. I suggest that you carefully read your insurance policy to see who the insureds are for the vehicle.


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