Keep Your Car
You can keep your car and file for bankruptcy:
If the value of your car is LESS than the exemption, currently $7,117.00, and it has no liens against it, you can keep it.
EXAMPLE: Your car is only worth $5,000.00 – keep it.
If the value of your car is MORE than the exemption you can pay the trustee an amount equal to the difference between the car’s actual value and the allowable exemption, and you can keep it.
EXAMPLE: Your car is worth $8,117.00 you can pay the trustee $1,000.000 and keep it.
If you have a lien on your car for a lease or financing agreement, you can continue to make regular payments on the lease or loan and you can keep it.
Call for more information: 519-646-2222