In Virginia If I File Chapter 7 Bankruptcy, Can I Keep My Car?

Concerns about possibly losing a motor vehicle are common reasons that many people fear filing for personal bankruptcy, but the truth is often that many people are still able to keep their automobiles even after filing for Chapter 7. While Chapter 7 is typically limited only to individuals who are unable to pay back all or a portion of their debts, it is possible that some people can keep their cars in some cases.

If you are considering filing for Chapter 7 in Virginia, you will want to make sure you are working with an experienced Henrico Bankruptcy attorney at Canfield Wells LLP. Our Hopewell VA bankruptcy attorney will work to ensure that you are able to keep your vehicle while also getting the financial relief you so desperately need.

There are a number of factors that will dictate your ability to retain a motor vehicle. The value of the car itself is one major concern, but another equally important factor will be how current you are on the payments.

If you have completely paid off any loan on a vehicle, you will generally be safe because it can be considered property that you will need to maintain a living. On the other hand, people who still have outstanding loans may have to examine how much of the loan still needs to be repaid and also how current they are on payments.

State law may allow you to exempt your motor vehicle debt so you are able to keep the automobile. In some cases, the lender may need to work with you to restructure your loan so you can keep it.

Do not try and navigate the complicated bankruptcy laws on your own. When you work with Canfield Wells LLP, you will have a skilled Henrico Bankruptcy attorney who can help you protect as many assets as possible. Our Hopewell VA bankruptcy attorney can help you understand all of your legal options as soon as you take advantage of a free consultation.