Can I keep my car when filing for bankruptcy?

In Mississippi, there are certain types of bankruptcy that allow a debtor to keep their vehicle, such as a Chapter 13 filing. As long as the debtor can prove that the vehicle is necessary for their work, they can keep it. When filing for bankruptcy in Mississippi, the debtor must submit a list of their assets to the court. This list must include any vehicles the debtor owns, along with any other property such as cars, homes, boats, etc. Any assets listed should be accurately described and valued. The amount of equity in a vehicle is used to determine if the debtor can keep it or not. Equity is the amount of value the vehicle has minus any loan owed. If the equity is below a certain set amount, then the debtor is allowed to keep it. Another option for a debtor who wants to keep their vehicle is to enter into a reaffirmation agreement with the lender. This is an agreement that states that the debtor will remain responsible for paying off the loan and the lender will not repossess the vehicle. In conclusion, filing for bankruptcy in Mississippi does not necessarily mean a debtor will lose their vehicle. As long as they meet certain requirements, such as proving their vehicle is necessary for work or that the equity is below a set amount, they may be able to keep it. Additionally, they can enter into a reaffirmation agreement with the lender.

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Can I keep my car when filing for bankruptcy?

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