If you file for Chapter 7 bankruptcy whether you keep your car will depend on your ability to make payments and the value of your vehicle. State law usually exempts $3,325 of vehicle equity. Assuming you have has $1,000 of equity in a $25,000 car that was bought new a year ago. The vehicle would be exempt. The equity value is all that matters.

If you are concerned about your vehicle being repossessed or you would like to explore your options for filing for bankruptcy, we can help.