Will I be able to keep my car after filing for Chapter 7 Bankruptcy?

In California, the answer to whether you can keep your car after filing for Chapter 7 Bankruptcy depends on a few factors. One of the primary factors is whether you are up to date on all your car payments. If you are current on your car payments and you can prove that you can maintain your payments going forward, then you should be able to keep your car. However, if you are behind on your car payments or you are unable to demonstrate that you can afford your car payment moving forward, then your car may not be included in your bankruptcy protection. Depending on the value of the car, your creditor may be able to force you to surrender the car to them in exchange for them canceling the debt. In California, however, the ability to keep your car in Chapter 7 Bankruptcy proceedings is often enhanced by the fact that the state has an exemption that can protect your car, even if you are behind on your payments. This exemption is known as the Wildcard Exemption, and it can allow you to keep your car and even receive up to $7,725 in equity in the vehicle. So, if you are behind on your car payments and you meet certain qualifying criteria, then you may be eligible to keep your car, even after filing for Chapter 7 Bankruptcy.

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Will I be able to keep my car after filing for Chapter 7 Bankruptcy?

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