{"id":1803,"date":"2011-02-18T10:04:54","date_gmt":"2011-02-18T15:04:54","guid":{"rendered":"https:\/\/nybankruptcy.net\/main\/?p=1803"},"modified":"2018-11-27T08:05:59","modified_gmt":"2018-11-27T08:05:59","slug":"keep-my-car-bankruptcy","status":"publish","type":"post","link":"https:\/\/nybankruptcy.net\/main\/keep-my-car-bankruptcy\/","title":{"rendered":"Can I keep my car if I file for bankruptcy?"},"content":{"rendered":"

“I need to keep my car.\u00a0 Bankruptcy seems like it could make me lose it.\u00a0 What are my options in New York?”<\/p>\n

This is a common concern among people considering filing bankruptcy in New York<\/a>.\u00a0 Fortunately, the bankruptcy code recognizes that people often need their cars so they can go to work and continue to earn income necessary for survival.\u00a0 As a result, the bankruptcy process provides a certain amount of protection.<\/p>\n

Here are some of the options depending on your circumstances:<\/p>\n

1.\u00a0 If you own your car outright (i.e.., no more payments) and your car’s present market value is $4,000 or less, then you can keep your car.\u00a0 No further steps necessary.\u00a0 That’s because the exemption for cars under New York bankruptcy law is $4,000.\u00a0 It’s also worth noting that if you opt to use the federal bankruptcy exemptions rather than New York state bankruptcy exemptions, the federal car exemption is $3,450.\u00a0 However, federal exemptions also allow for a “wild card” exemption of $12,000.\u00a0 The wild card exemption can of course be used towards the value of your car to the extent you haven’t used it for other things.\u00a0 The wild card exemption, however, is not available to those who claim a homestead exemption, in which case it is only $1150. Notably, it is also the only federal exemption that covers cash and tax refunds,\u00a0 (These are the kinds of strategic questions that experienced Brooklyn, NY bankruptcy attorneys will help you figure out.)<\/p>\n

2.\u00a0 If your car is worth a little more than $4,000, it’s possible that you may still keep your car with no further steps necessary.\u00a0 This is because some trustees won’t bother pursuing low value assets.\u00a0 So if your car is worth $4,900, a trustee knows that $4,000 would be given back to you if it takes the car and the trustee would only keep $900 for the estate.\u00a0 The trustee in that case may decide that it’s not worth it to pursue such a small asset.<\/p>\n

3.\u00a0 If your car is worth more than $4,000, you also have the option of buying back the non-exempt equity.\u00a0 That is, if your car is worth $7,000, you have the option of paying $3,000 to the trustee to be able to keep your car.\u00a0 Otherwise, the trustee will take your car, sell it, and give you $4,000 back (i.e., the exempt portion).<\/p>\n

4.\u00a0 If you lease the car, you have the option of “assuming” the lease and continuing with payments on the car.\u00a0 Of course, you have to have enough income or money to be able to continue to make payments or you’ll lose the car.<\/p>\n

5.\u00a0 An additional thought, if you can wait a bit:\u00a0 You can give up the car and then purchase a new car after your bankruptcy case is completed.\u00a0 How?\u00a0 After you get your discharge, you’re actually a more attractive customer to many lenders since your slate has been cleared of other debts.\u00a0 At that point, you could take the money you received from relinquishing your car and put it towards an appropriately priced car.\u00a0 This also potentially helps you with repairing credit after bankruptcy, as taking out small loans and repaying them is one of the positive approaches for how to build credit after bankruptcy.<\/p>\n

Granted, incurring new debt after finishing your bankruptcy case should be undertaken wisely as well perhaps with appropriate post bankruptcy counseling<\/a>.<\/p>\n

If you’re wondering “Can I keep my car?” bankruptcy lawyer Bruce Weiner can help. Contact<\/a> the experienced bankruptcy lawyer<\/a> at Rosenberg, Musso & Weiner for a free initial consultation.<\/p>\n

<\/center><\/p>\n","protected":false},"excerpt":{"rendered":"

“I need to keep my car.\u00a0 Bankruptcy seems like it could make me lose it.\u00a0 What are my options in New York?” This is a common concern among people considering filing bankruptcy in New York.\u00a0 Fortunately, the bankruptcy code recognizes that people often need their cars so they can go to work and continue to …<\/p>\n

Can I keep my car if I file for bankruptcy?<\/span> Read More \u00bb<\/a><\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-global-header-display":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":""},"categories":[22,7,49],"tags":[2,21,166,30,32,98,54,51,52,35],"acf":[],"yoast_head":"\nCan I keep my car if I file for bankruptcy?<\/title>\n<meta name=\"description\" content=\""I need to keep my car.\u00a0 Bankruptcy seems like it could make me lose it.\u00a0 What are my options in New York?" 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