What can happen to your car if you file bankruptcy, but the car is paid for?

I mean when buying a car off of an owner, and not a dealer.

Posted March 12th, 2010 in Bankruptcy Q and A.

S P:
Now for the right answer, the car being paid for and if it’s the only means of transportation, filing a bankruptcy will have NO effect on the car. You are allowed to keep a vehicle if it’s your only means of transportation to and from work. Contact a local bankruptcy attorney to find out what you qualify for, most will see you free the first time, once they review your information, income, debts, assets if any, and taxes either past 3 or 4 years, they will be able to tell you what you qualify for. You can get additional information at http://www.usbankruptcy.gov to obtain more info on bankruptcy. Good Luck!
March 12th, 2010 at 1:08 pm
Johnny:
I’ll take care of you baby you can come live with me..k?.k.
March 12th, 2010 at 1:08 pm
Tyler's Mom:
They take the car
March 12th, 2010 at 1:08 pm
joe:
your car will be seen an asset. You may want to get it titled in someone else’s name. It will not cost anything to do that. I am not sure how long that takes to reflect on the credit report or vehicle records database.
March 12th, 2010 at 1:08 pm
andy:
It depends on if you have more then one car. If you only have one and you are an individual, then nothing should happen unless it is an expensive car where you could downsize and still have some value for the bankruptcy court to take.
March 12th, 2010 at 1:08 pm

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