Can I keep my car in Chapter 13 Bankruptcy?

Yes, in West Virginia, you can keep your car in Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a form of reorganization for individuals and other non-corporate entities that have an income, and it allows you to keep most of your assets, including your car. This type of bankruptcy allows a person to come up with a payment plan in order to pay back their debt within a 3-5 year period. When considering filing for this type of bankruptcy, it is important to remember that it is not designed to allow you to keep items of luxury or to purchase items you cannot afford. Instead, you have to demonstrate to the court that you are able to repay your debt and keep up with the proposed payment plan. In West Virginia, vehicles that are essential for the debtor’s transportation are exempt from being sold or taken away in this type of bankruptcy. Therefore, a car can be kept during the repayment process. It is also important to note that Chapter 13 Bankruptcy in West Virginia does not necessarily eliminate debt. Rather, it consolidates and reorganizes debt, allowing debtors to pay back their debt over time. Because of this, it is important for anyone considering filing for Chapter 13 Bankruptcy to consult with an attorney and complete a financial analysis to determine if they will be able to keep up with the repayment plan.

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