While filing bankruptcy, many people do not know that how the court will treat their cars - probably the most beloved asset for anybody after their home. Well, there are several factors that have to be considered in order to find out that what will happen to your car. The value of your car is probably the most important factor in this regard.
Taking Advantage Of The Laws Pertaining To Exemptions
The bankruptcy laws have made some room for the protection of your car by allowing you certain exemptions. In a country like America, if you do not have a car, it will be very difficult for you to get to work or pick up your kids from school. The conveyance would be a big problem for those who do not own a car. Keeping in view such facts, the laws allow you to file for bankruptcy relief and protect your car. If it is a normal car, you will most likely be allowed to keep the same. However, if it is something like a very expensive antique classic car, it may be liquidated along with other assets to pay off the debts that you owe to various creditors.
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The Laws For Exemption Varies From State To State
It is also very important for you to understand that the laws for exemption vary from state to state. Therefore, if you are filing bankruptcy, it is not at all guaranteed that your car will remain safe. For example, there are some states that allow you to elect the exemptions. It means, in that case, you get the liberty to make a choice whether you want to go for the federal exemptions or state specific exemptions. This way, here, you have a greater chance to protect your car. However, other states do not offer such liberty. In all the other states, it is mandatory for you to follow the state specific exemptions only.
Your Attorney Can Help
Keeping in view the complexities involved in the exemption laws in various states, you are recommended to avail the services of an expert bankruptcy attorney. The attorney understands how the exemptions for various assets and properties work, and they can definitely help you protect your car.
Different Chapters Treat Your Car Differently
Another important factor in this regard is the type of chapter you have filed your case under. Always remember that different chapters will treat your car differently. Whether it is about car loans or car leases, there are different rules and laws under chapter 7 and chapter 13that have to be followed. Still, filing bankruptcy under chapter 13 is considered to be a powerful tool to protect your car from repossession.
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