Can I Keep My Car if I File for Chapter 7 Bankruptcy?

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As you know, there’s nothing worse than accruing debts that you simply cannot pay off on your own. Unfortunately, many of us build up these debts not through frivolous spending and carelessness, but through real hard luck situations, such as accruing costly medical bills, losing a job due to company-wide layoffs, and more. That said, no matter the reason why you’re currently in debt, you’re most likely looking for a way out of it. Fortunately, you do have options, such as filing for bankruptcy. We understand that many people immediately are hesitant when they hear the word “bankruptcy,” as they worry they’ll lose their house, car, and other assets as a result of filing. However, you should note that there are a variety of myths surrounding bankruptcy, and we’re here to put those to rest. Read on and speak with our Bergen County Chapter 7 bankruptcy lawyer to learn more about how the bankruptcy process works, whether you qualify, and how we can help you move on with your life.

Will I lose my car or house if I file for Chapter 7 bankruptcy?

The thought of losing critical assets, such as your home or your car, after filing for bankruptcy is a frightening prospect. Fortunately, we’re happy to tell our clients that as long as they qualify for Chapter 7 bankruptcy, their dischargeable debt will be wiped away and they’ll still be able to keep most of their assets, including their vehicle and their home.

How do I know if I qualify for Chapter 7?

To qualify for Chapter 7 bankruptcy, you’ll need to prove that you make less than a certain amount of money yearly and that you have a specified amount of debt. These numbers do change fairly regularly, so it’s best to consult with an attorney to learn whether you may qualify and who can take you through the bankruptcy means test.

If you have any other questions about the bankruptcy process or you’d like to speak with a seasoned Bergen County bankruptcy lawyer from our firm, simply pick up the phone and give us a call. We’re here to help you in any way we can. All you need to do is give us a call.

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Whether you’re facing sex crime charges, require assistance filing for bankruptcy, or are looking to go through foreclosure mediation, Contact the Law Office Boyd & Squitieri today.