Can I keep my car when filing for bankruptcy?

If you are filing for bankruptcy in the state of Indiana, there is a good chance you may be able to keep your car. Indiana has certain exemptions that protect your car from being taken away. The state allows you to exempt up to $3,250 of equity in one vehicle. This means that if your car is worth less than that amount, you can keep it. If your car is worth more than $3,250, it is possible to keep some of the equity in the car depending on the type of bankruptcy you file. It is important to keep in mind that if you are claiming your car as an exemption, it must be used as a means of transportation and not for any business or pleasure use. Furthermore, if it is found that you have been using the car for business or pleasure use, you can lose the exemption. Additionally, if you decide to keep your car after filing for bankruptcy, you will need to make sure you continue to make any necessary payments and keep insurance coverage on the car. Failing to do so can cause you to lose the car as it is considered a secured debt. In conclusion, it is possible for you to keep your car when filing for bankruptcy in Indiana, but it is important to make sure you are familiar with the exemptions and understand any necessary payments that need to be made.

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Can I keep my car when filing for bankruptcy?

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