Keeping Your Vehicle in Bankruptcy

A common misconception with bankruptcy is that once you file for it, you end up losing all of your personal possessions and assets, like your house, furniture, and vehicle. It is important to know that this, in many cases, is not the case. You shouldn’t avoid filing for bankruptcy because you are afraid of losing your vehicle. In many cases, there are exemptions available for certain pieces of property, letting you keep some assets, like your car.

If you are in serious financial trouble and need a fresh start, don’t hesitate to contact the Boston bankruptcy lawyers of Joshua Spirn & Associates. Our team of experienced bankruptcy lawyers will answer your questions and help you get control over your finances. Call us today at 800-975-5346 to discuss your legal options.

Vehicle Qualifications

Millions of Americans own and drive automobiles everyday to go to work and run essential errands. For many, a car is a necessity and if it is lost in bankruptcy, it may drastically impact their ability to get to work and live a normal life. In many cases, however, you may not have to give up your vehicle to pay off your debts.

In Chapter 13 bankruptcy, none of your property will be liquidated to pay your creditors. In Chapter 7 bankruptcy, most individuals are allowed to keep one vehicle that is worth less than a certain amount of money. An experienced bankruptcy attorney can help you find out if your vehicle qualifies for a Chapter 7 exemption.

Contact Us

Bankruptcy laws can be very confusing and complicated, so don’t hesitate to contact an attorney with any questions or concerns. Contact the Boston bankruptcy lawyers of Joshua Spirn & Associates today at 800-975-5346 to schedule a free consultation with us today.