Can I keep my car in bankruptcy?
My car ('02 Ford Taurus, 220k) is collateral for a remaining loan I have through a bank. My state allows me to exempt up to $2,400 for a tool of the trade exemption that the statute states can be one vehicle used to commute to place of business, which is what I do. Although my car can be repossessed if I just let the loan be discharged, couldn't I use lien avoidance since it's a non possessory non purchase money security interest, meaning that the bank doesn't hold my car while I make payments and the loan wasn't for the car itself when I took it out?
You will need to ask an attorney, but a friend went through bankruptcy last year and was able to keep one vehicle
You may be able to keep the car but you won't get the title free & clear. You will have to pay for it.
Best ask a lawyer.
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