Thursday, March 4, 2010

Can I keep my car if I file for bankruptcy? By Brooklyn Bankruptcty Lawyer

My name is George M. Gilmer, Esq. I am a Brooklyn Bankruptcy Lawyer. People ask if they can keep their car if they file for bankruptcy. Then answer to this question is that it depends upon whether your car is exempt.

To determine whether your car is exempt you will need to figure out the current market value of your vehicle and minus whatever you owe the bank. For example if your car is worth $32,000 and you owe the bank $30,000 on the car, your car is actually worth $2000. New York allows you to keep your car if it is worth less than $2400, or to put it another way, you are allowed to exempt up to $2400 of value of a car in a Chapter 7 Bankruptcy case. If you have any questions about this post, or any other questions about bankruptcy feel free to reply or go to my website, http://www.gilmerlaw.com/Bankruptcy/Brooklyn%20Bankruptcy%20AttorneyLow%20FeesGet%20Rid%20of%20Bad%20Debt.aspx

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