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

In Virginia, whether or not you will be able to keep your car after filing for Chapter 7 Bankruptcy depends on the value of the car and whether it is considered exempt property under the law. Virginia law allows certain types of property, including a car, to be exempt from your creditors when you file for Chapter 7 Bankruptcy. The amount of money that can be exempt varies depending on the type of asset and the value of the asset. For example, if the car is worth less than the allowed amount, then you can likely keep the car after filing for Chapter 7 Bankruptcy. In addition, if you are current on your payments and do not owe more on the car than it is worth, then you will be able to keep your car as long as it is not part of a secured loan. If you have a secured loan, such as a car loan, then the lender may be able to repossess the car if you default on the loan. It is important to know that Virginia law does not guarantee that you can keep your car when filing for Chapter 7 Bankruptcy. Your car must meet the criteria in the law and you must keep up with your payments in order to keep your car. If you have any questions about whether you can keep your car after filing for Chapter 7 Bankruptcy, then it is important to speak to an experienced bankruptcy attorney.

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

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