Can I keep my car when filing for bankruptcy?

Yes, it is possible to keep your car when filing for bankruptcy in Texas. Under the Texas bankruptcy law, a debtor may claim their car as an exempt asset. To do this, you must submit a list of all of your property and debts to the court. This list is known as a Schedule C and must include your car and its value. Once this list is submitted, the bankruptcy court will determine if the value of the car meets or exceeds the state’s exemption limits. If it does, you will be allowed to keep it. In addition, the Texas bankruptcy law allows debtors to exempt some household items, such as furniture, clothing, and appliances. If the total combined value of these items and the car exceed the state exemption limits, then you may only keep either the car or the household items—but not both. It is important to note that if you do choose to keep your car, you will still be responsible for any outstanding loans you have on it. You also need to make sure that you keep up with the payments on the loan or the lender will repossess it. So yes, in the majority of cases, it is possible to keep your car when filing for bankruptcy in Texas. It is a good idea to talk to a bankruptcy lawyer or other financial professional to make sure you understand all the details of the process.

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Can I keep my car when filing for bankruptcy?

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