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You can keep your vehicles when filing for bankruptcy under Chapter 7 and still discharge your credit card and other unsecured debts. If you can afford your vehicle payments and are current with your vehicle payments, then there is no reason why you should not keep your vehicle. Call us toll free at 1-877-963-9543 to schedule a free consultation to discuss how bankruptcy can get rid of debts and allow you to keep your vehicle.
In 2005, Congress reformed the bankruptcy code and created the means test. The means test takes into account all of your secured debt payments like your monthly vehicle payments. The means test looks at whether you have disposable income after deducting vehicle payments, mortgage payment and other allowable expenses to determine if you can afford to make payments on credit cards and other unsecured debts. Your vehicle payment is taken into consideration. So if you can afford to make your monthly vehicle payment there is no reason why you should not keep your car or truck.
Paid in Full Cars or Trucks
If you have one or more vehicles that are paid in full, then the California bankruptcy exemptions may not be able to protect all of your vehicles. Whether all of your assets can be protected depend upon the value of your assets. The 703 exemptions, See Bankruptcy Exemptions, includes a generous wildcard exemption that can be applied to any asset you have. This exemption usually can be spread around to protect you paid in full vehicles and money you have in your bank accounts. If you have a paid in full Porsche or other high value vehicle worth $30,000 or more, then it is very difficult to protect all of your assets. A chapter 13 bankruptcy may be the best course of action to make sure you keep all of your assets. See You Have Assets that Cannot be Protected, for more information.
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