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

Yes, in most cases you will be able to keep your car after filing for Chapter 7 Bankruptcy in West Virginia. The state allows you to exempt certain assets from your bankruptcy estate, which include vehicles up to a certain value. This exemption is set at $2,400 for a single filer and $4,800 for a joint filing. As long as the equity in your car does not exceed the exemption amount, you will be able to keep it. You will have to make regular payments on the car loan, however. The bankruptcy court will require you to reaffirm the debt, which means you must sign a new loan agreement and continue to make payments. If you do not make payments, the lender can repossess the car. When you reaffirm the debt, you should negotiate with the lender to reduce the interest rate. This may make it easier to keep up with payments or make additional payments. Also, you may want to look into a secured loan or refinancing to reduce the amount of interest you pay with the reaffirm loan. In some cases, you may not want to keep a car after filing for Chapter 7 Bankruptcy. If you are trying to reduce or eliminate your debts, it may be in your best interest to sell the car and use the money to pay off other creditors. No matter what you decide to do with the car, it is important to carefully consider the consequences of filing for Chapter 7 Bankruptcy. Make sure you understand the pros and cons of filing to ensure that bankruptcy is the right course of action for you.

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