1. The Motor Vehicle Exemption: Can You Keep Your Car in Chapter 7 Bankruptcy?
October 21, 2013
The motor vehicle exemption helps determine whether you can keep your car, truck, motorcycle, van, or other automobile in Chapter 7 bankruptcy. To determine if you can keep your vehicle in Chapter 7 bankruptcy, you calculate the equity in your car and compare that number to the applicable motor vehicle exemption.
Read on to learn how motor vehicle (and other) exemptions protect your car, how to determine if your car equity is protected, and additional steps you must take to keep your lender from repossessing your car. CAUTION: This article assumes you own your car free and clear, or a... (read more)
Author: Hitesh Makwana