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

Are Medical Issues Forcing You Into Bankruptcy?

Many Americans wind up in debt because of medical bills. One of the most common reasons for filing bankruptcy in...
Read More

Law Offices of Robert M. Geller, P.A. Congratulates Danielle Austin For Receiving the Patriot Award from the United States Department of Defense

Award Recognizes Support of Guard and Reserve Members Who Work for the Organization Tampa, Florida, June 29, 2021 – The...
Read More

Is Your 401k or Other Retirement Savings at Risk in Bankruptcy’s Liquidation of Assets?

If you’ve spent years saving for retirement, putting that money at risk when you file for bankruptcy is likely one...
Read More

Tips to Help You Protect Your Assets When You File for Bankruptcy

One of the most intimidating aspects of filing for bankruptcy is protecting your assets. Worrying about whether bankruptcy puts their...
Read More

How Does Bankruptcy Affect Vehicle Ownership? What Assets Can You Keep through the Bankruptcy Process and Does It Affect Your Car?

Many people struggling financially avoid filing for bankruptcy because of concerns about losing important assets like their vehicles. The good...
Read More

Is There a Legal Way to Hide Assets When You File for Bankruptcy?

Filing for bankruptcy can be an overwhelming experience. The relief you receive when you file helps you feel better about...
Read More

Do Bankruptcy Trustees Take Your Savings? What is Considered an Asset in Bankruptcy and How Does It Affect the Money You’ve Saved?

Bankruptcy trustees gain access to a variety of your assets when you file. But what is considered an asset in...
Read More

Can Filing for Bankruptcy Help You Protect Your House?

fiHow filing for bankruptcy affects your home is one of the greatest concerns people have when they consult with bankruptcy...
Read More

Should I Refinance a Student Loan I Can’t Discharge in Bankruptcy?

Student loan debt is overwhelming many people. Could refinancing be the answer to help you avoid bankruptcy if your student...
Read More

Can Student Loan Consolidation Help You Avoid Bankruptcy?

One of the most common questions people have when they consider bankruptcy is “can student debt be discharged in 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

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo RG Seal

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