Thursday, September 02, 2010

Can I keep my Car(s) if I file for Bankruptcy?

This answer applies only to residents of Nevada, every state has different exemptions.

Can I keep my Car(s) if I file for Bankruptcy?

Many people are worried about keeping their car(s) when filing for bankruptcy.    Before you start telling me about all the reasons you need to keep your car, answer two questions.  1) How long have you lived in Nevada? 2) How much equity is in your car (after paying off the loan)?

1) You qualify for Nevada exemptions, if you have lived in Nevada for the past two years or longer.

2) If you have less than $15,000 of equity in your car, YOU CAN KEEP YOUR CAR.  If you are married filing jointly, each spouse is exempt up to $15,000 each.

3) Keep in mind, when you file a petition for bankruptcy everything you own becomes part of the bankrupcty estate which is administered by a U.S. Trustee.  If the Trustee can sell your car for more than $15,000.00, he or she has every right to do so. If the Trustee does in fact sell your car, he or she will give you back $15,000.00 to buy another car.

If you have any further questions regarding this, or other questions, please do not hesitate to call the office at your  convenience. We will set you up with a FREE consultation to go over Bankruptcy Laws as they relate to you, and whether or not Bankruptcy is the best option for you. (775) 336-4950

The Law Office of Daniel A. Bonneville assists clients with Bankruptcy, Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Foreclosures, Repossessions, Wage Garnishment and Creditor Harassment matters in Reno, Nevada as well as Sparks and Sun Valley in Washoe County.

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201 West Liberty Street, Suite 200, 89501, NV 89502
| Phone: 775-336-4950

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