Can I keep my car when filing for bankruptcy?

If you are filing for bankruptcy in North Carolina, you may be able to keep your car or other motor vehicle. Each state has its own laws regarding the exemption of cars when filing for bankruptcy. In North Carolina, there is a "Wildcard" exemption that allows you to safeguard any property with a value of up to $4,000. This includes motor vehicles. In order to keep your car when filing for bankruptcy in North Carolina, you must be able to show that you can afford to make payments on the loan. In other words, you must prove that you have enough income to make the payments. Furthermore, if your car is worth more than $4,000, the Wildcard exemption may not apply. In this case, you must be able to prove that you relied on the car for transportation to work or for some other necessary purpose. It is important to note that if you surrender your car when filing for bankruptcy in North Carolina, the lienholder (usually a bank or other financial institution) still has a claim on the car. This means that if you attempt to get a car loan in the future, the lienholder may have a claim to any profits from the sale of the car. Overall, the best way to determine if you can keep your car when filing for bankruptcy in North Carolina is to consult with an experienced bankruptcy lawyer. They will be able to provide you with the necessary advice and assistance in the process.

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Can I keep my car when filing for bankruptcy?

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