Can I Keep My Car If I File For Bankruptcy In New Jersey?

The short answer is yes. The question is which type of bankruptcy will you need to file. Typically, consumers qualify for and ultimately file a Chapter 7 Bankruptcy. The reason why most people keep their cars when filing for bankruptcy is most people have little to no equity in their cars. Why, you might ask? Well, most people have secured debt owed on their cars, known as car payments. If your car is an older car with no lien then it can usually be protected by exempting it. Exemptions are limited to certain amount for certain types of property. You should discuss your questions with a bankruptcy attorney. In more than 10 years, none of my clients have lost a car they needed and wanted to keep (assuming they can afford to make the payments).