' Can I Keep My Car if I File Bankruptcy? - Law Offices of Robert M. Geller
CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Can I keep my car if I file for Bankruptcy?

Transcription:

Hi, I’m Robert Geller. I am a consumer bankruptcy attorney in the Tampa Bay area today. I want to talk to you about whether you will lose your car if you will file a bankruptcy.

First let’s talk about cars and car loans. Many of my clients have car loans. So let’s say you have a Toyota and you’ve had it for a year or two and you’re making payments on it. You owe $15,000 on it and it is worth about $15,000. In this case, would certainly get to keep your car as long as you continue to make your payments.

But there are some limitations on what you can keep as far as your car is concerned when you file for bankruptcy. I think it is a good idea to talk to an attorney about your car.

Now let’s say you don’t have any car loan at all. If you do not own a home and you live in Florida, then potentially you get to keep a car worth as much as $6,000 – assuming you don’t have any loan on it. If you have a $6,000 car and you owe $6,000 you get to keep it.

Now if you have a $10,000 car and you owe $6,000, you would still get to keep it as long as you don’t own a home. But there’s a little bit more to it than that. This is why you have an attorney to help you through that process.

If you do own a home and your equity in your car is less the value of your car the situation is a bit more complicated. If you own a home, you only get to keep a thousand dollars’ worth of equity in your car. So if your car is worth potentially more than a thousand and you don’t owe any money on it, you could potentially lose the car. But not necessarily. That’s what you have me for to help you through that process. There are ways to deal with that kind of problem.

So let’s say you have a paid off car, that’s worth $10,000 and you own a home – this could potentially be a problem. But let me say this: Most people don’t have that much equity in their car, so it’s not usually a problem. But if it is an issue we can help you get through that issue. I’m attorney Robert Geller and I want to help you build a bridge to a brighter future. Thank you.

Video Testimonials

Tampa Bankruptcy Law Blog

Will Filing Bankruptcy Stop Eviction?

Are you struggling with an eviction notice and don’t know where to turn? You may be wondering if filing for...
Read More

Will Filing Bankruptcy Affect My Social Security Disability?

For those who receive Social Security Disability (SSD) benefits, filing for bankruptcy can be a tricky situation. The goal of...
Read More

Will Bankruptcy Affect My Citizenship Application?

Applying for US citizenship can be a long and complex process. One of the factors that the United States Citizenship...
Read More

What Does It Cost to File Bankruptcy in Florida?

If you are considering filing for bankruptcy in Florida, there is a lot to consider. From understanding what type of...
Read More

Why Should You Consider Bankruptcy in 2023?

With the New Year upon us, it’s important to consider all of your options for getting out of debt. Bankruptcy...
Read More

Can You Keep Bankruptcy a Secret?

Considering bankruptcy is a difficult decision, and it can be a lonely one. You may feel like you’re the only...
Read More

How Will Filing for Bankruptcy Affect My Loved Ones?

Filing for bankruptcy is a serious decision and not one that should be taken lightly. You'll likely wonder will bankruptcy...
Read More

Can I Spend Money If I’m Planning to File for Bankruptcy?

When you’re considering filing for bankruptcy, it can be hard to know the right course of action. One of the...
Read More

What to Do Now If You Intend to File for Bankruptcy Next Year

If you intend to file for bankruptcy in the New Year, there are certain steps you must take to ensure...
Read More

5 Lessons You’ll Learn from Filing for Bankruptcy

Looking for a bankruptcy lesson plan? Here are five things you can learn from filing for bankruptcy. Filing for bankruptcy...
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions