If I file for chapter 7 bankruptcy can I keep my car?

by **wendlesora** » Sun Nov 20, 2011 11:56 pm

I've read a bit of things about chapter 7, but one thing isn't clear. Under the new laws, I do qualify for it. I'm in Missouri. It says I can keep the car up to the value of 3k. My car is work 7k. I obviously cannot afford nor would I qualify to get a new car and I have no money (which is why the bankruptcy). I live alone and can't go without a car. What will happen in this case? I have no other assets other than that.

by **jamilah38** » Mon Nov 21, 2011 12:00 am

yes you can keep your car you will just have to reaffirm your debt and ability to maintain payments on your vehicle and may end up paying less each month or less over all.

by **elkanah1** » Mon Nov 21, 2011 12:08 am

you can keep it.

by **mace** » Mon Nov 21, 2011 12:16 am

They will take the car. You will have to find another means of transportation.

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