Can I keep my car during a Chapter 11 bankruptcy?

Yes, it is possible for you to keep your car during a Chapter 11 bankruptcy in New York. Chapter 11 bankruptcy is a type of reorganization that allows businesses the ability to reorganize their financial obligations and continue operations. It also provides for individuals to keep their property, in certain circumstances. When filing for Chapter 11 bankruptcy, you are eligible to keep certain types of essential property, such as your car. This is because bankruptcy law gives individuals the right to retain certain types of property, such as a primary vehicle, for the purposes of transportation. The vehicle must not be secured by a lien (such as a car loan) and must be considered a reasonable amount of value, so that the value of the vehicle does not exceed the amount of available exemptions. In addition, Chapter 11 bankruptcy in New York allows you to keep the equity in your vehicle, up to a certain dollar amount. This amount is based on the amount of exemptions that you can claim, so it is important to understand the exact dollar amount before you attempt to keep your vehicle. Overall, if you meet the eligibility requirements, you can keep your car during a Chapter 11 bankruptcy in New York. However, the process can be complex, and it is important to understand your specific situation before making any financial decisions.

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