Can I get back my car in bankruptcy?

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I filed bankruptcy a few months ago. I had listed my car and was told that I could get it back without any penalty while the process was ongoing. Now that the bankruptcy is processed already, can I turn it in and still have no affect on my credit. I mean I don't want it to affect my credit. Or will creditors take it away and just sell it?

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Car can fall under the category of exempt property in bankruptcy and as such you are allowed to keep it if certain conditions are met. It depends on whether there is any equity left in the car. Equity is to be found by deducting any car loan you have taken & allowed exemption from car's current value. If there is no equity in the car then it will not be taken.

Jeff Beck

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I assume you have filed Chapter 7 bankruptcy.

As Jeff said it depends on whether it was considered as part of your exempt property or not. The bankruptcy trustee will be able to provide you more information on it.

If it is under the category of exempt property then it will not be taken away by the creditors.

adonis · Posted: Tue Mar 06, 2007 5:38 am Post subject:

Welcome Dulloingworth,

You may be able to turn in the car provided it is Chapter 7 bankruptcy and you have filed a Statement of Intention stating that you gave up the car.

Guest 0.10 Dollars($)

If you have signed a reaffirmation agreement with your creditor stating that you will pay off a certain part of or all of your debt against the car after filing bankruptcy, you will be able turn in the car. The creditor will not repossess the car if you have stated in writing that you will be making scheduled payments.

I don't think getting back the car will affect your credit in a negative way.

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