Skip to main content

I live in Florida if I file chapter 7 can I keep my car?

Jacksonville, FL |

I am behind on my house and I want to file chapter 7. Is there a way to keep my car with this bankruptcy?

Attorney Answers 5

Posted

More information would be needed to be certan. Florida statutes provide a very modest vehicle exemption, and some "wild card" exemption as well, but without knowing more it it not certain that Florida exemptions will apply. The precise and focused advice you need will come from an experienced bankruptcy attorney who will gather the needed informtation. Many capable bankruptcy attorneys offer an initial consultaion on a no-cost/no-obligation basis. Beware of the firms that advertise a lot, seem to be swarming with clients, and don't let you talk to the attorney. If you do not know a reliable bankruptcy lawyer, use the attorney-finder at www.nacba.org.

Best wishes for a favorable outcome, and please remember to designate a best answer.

This answer is offered as a public service for general information only and may not be relied upon as legal advice.

Mark as helpful

4 lawyers agree

Posted

I recommend scheduling a free consultation with an experienced bankruptcy attorney in your community who can analyze your financial situation and make a determination as to whether the equity in any and all of your assets can be properly exempted. The attorney will need to know more about the make, model, year and mileage of the subject vehicle as well as whether it is owned free and clear or whether a loan is still owing against the vehicle. The attorney will also want to know whether you are current with the loan, if one exists, or if you are behind on the loan and if behind by how many payments.
Best of luck.

Mark as helpful

2 lawyers agree

Posted

It will depend on what your car is worth and what amount, if any you owe against it. The difference between these two amounts equals your equity in the vehicle. If the exemptions available to you (posted at link below) allow you to protect all of your equity in the vehicle, the only problem you will have to keep the vehicle is being sure the lender is happy. Hope this perspective helps!

Mark as helpful

1 found this helpful

3 lawyers agree

Posted

The simple answer is Yes. It just depends on how you do it. If there is a payment, you "reaffirm" the payments. If there is too much equity in the car, you can still keep it, you just pay the Trustee however much money you are over the exemption limit and they usually give you a few months to do that.

Mark as helpful

6 lawyers agree

Posted

The answer to this question will turn on whether you own the car outright or whether it is financed. The key is how much equity is in the car (if any) and how much can you protect under the Florida exemptions. You should definitely go see a lawyer! I have seen people do their bankruptcy themselves and lose their cars because they did not understand the exemption laws and didn't have the money to buy out the bankruptcy estate.

Mark as helpful

3 lawyers agree

Bankruptcy and debt topics

Top tips from attorneys

What others are asking

Can't find what you're looking for?

Post a free question on our public forum.

Ask a Question

- or -

Search for lawyers by reviews and ratings.

Find a Lawyer

Browse all legal topics