Can I keep my car If I file for bankruptcy?

[osryd]

I am considering filing for bankruptcy. Chapter 13 is not an option for me, it will be for chapter 11 most likely. I have a condo that I have not been able to sell, which I will lose, but I would like to keep my car. I understand there are laws regarding preferential payments, to credit card company for example, however, I am not sure if there are laws that would apply in a scenario where, a person might give the car, as a gift, to a family member or sell the car to someone who might then sell it back at a later date? Any assistance is appreciated. Thank you.

[gwynethpaltrow8]

If you owe on the car and the equity is less than $1500, if you agree to keep the payments current most bankruptcy judges will allow you to keep the vehicle. If the vehicle is titled to you or has been recently it is up to the judge if the property has to be sold to go against dept or is retained by you. Again, lower values are in your favor. Most courts will allow you to retain one credit card for emergencies, again you must keep the account current - but remember that is no promise that the card issuer-er will keep you once they see a bankruptcy on your credit report.
Good luck.

[zadok]

well if the car is all paid off you have nothing to worry about your car.

[menw]

well if the car is all paid off you have nothing to worry about your car.

If you can prove sufficient income to reaffirm the debt on the car loan (if you still owe on it), you will probably be allowed to keep the car if it's your only vehicle. Generally when you file a Chapter 7 (personal bk that discharges debts) you can reaffirm certain assets and continue payments. DO NOT transfer the car, cash or any other property to anyone else as a gift or otherwise. This is considered fraud and will cause your bankruptcy filing to be rejected and could lead to criminal prosecution. Also, once you file, do not make payments to ANYONE except those you reaffirm and then only once your attorney tells you to continue the payments. If you make payments to one creditor and not another, your case will be dismissed (which means it gets closed and all the debts are still there as opposed to discharged where debts are wiped out.) Find an attorney and ask advice since the laws are complicated concerning assets and exemptions.