Can I Keep My Car if I File Bankruptcy?

Woman checking papers

Question: It's obvious that I have to file bankruptcy but I need to keep my car. I need to go bankrupt because my debt load is getting out of hand. I can't even afford the minimum payments on my credit cards and I haven't paid any of my medical or dental bills in over a year. I'm putting off car repairs and I'm scared that my car's engine will fail. The tires are bald.

I really need a fresh start. I know that if I can get rid of my debt life will be much easier. I just started a business in Dunwoody near the Perimeter Mall that has real potential. It's a restaurant and my partner and I think it will be successful.

I need to have a car. I need the car for business and to pick up my kids for visitation. I need a car to get food, go to the doctor and to visit my elderly parents in Cumming.

If I file for bankruptcy can I keep my car? I live in Alpharetta with my two dogs.

Answer: Most people who file bankruptcy keep their cars. The policy behind the bankruptcy law is that people need transportation in order to go to work, go to the doctor and for many reasons. It is uncommon for an automobile to be an issue in a bankruptcy filing, either a chapter 7 or a chapter 13.

A bankruptcy trustee will usually only have an issue with a car if the payments are unusually high or if the car has great value – like a collectible "muscle car" or an expensive sports car.

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