519-646-2222Can I keep my Car?
Yes, in a bankruptcy, you can keep your car, there are four scenarios.
- Your car is worth less than $6,600 – and has no loans on it – keep it.
- Your car has a car loan against it – the trustee will verify the loan, keep paying the loan – keep the car
- Your car is worth more than $6,600 but has no loans – pay the trustee the difference between $6,600 and the value of the car – keep it.
- Your car is only worth scrap – it’ll cost money to tow it away – keep it.
In the alternative, you don’t want to keep the car anyway.
- Your car is worth less than $6,600 – and has no loans on it – sell it and keep the money.
- Your car has a car loan against it – the trustee will verify the loan – and let the secured creditor seize the car.
- Your car is worth more than $6,600 but has no loans – you or the trustee will sell it, the trustee will allow you $6,600 the rest of the money goes to the trustee.
- Your car is only worth scrap – it’ll cost money to tow it away – keep it.
Note: All values and liens must be verified by the trustee. Call for more details: 519-646-2222