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Can I Keep my Car in Chapter 7?

Posted By Majed on Sep 22, 2010 7:40am PDT

More than likely, yes.  The state of Texas as well as the federal bankruptcy code provide exemptions for personal property that may be retained during a liquidation proceeding. Under the federal code a personal vehicle valued at or under $3,225 may be exempted.  In Texas, a debtor may keep one motor vehicle.

If you are considering filing for Chapter 7 but are concerned about what you may have to give up, it is imperative that you speak to experienced counsel that knows the law inside and out.  Contact the Fears | Nachawati Law Firm today for a consultation.
Categories: Chapter 7 Bankruptcy
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