Can I keep my car if I file for bankruptcy?

Our Professional Answer:

Generally if you file for bankruptcy, you can keep your car. Cars that have loans on them that encumber the value which is more typical than not, are not assets in a bankruptcy. So there’s no issue as to whether or not they can be sold. If however you own your car outright and it’s valuable, we will need to look at it and exempt the value so that you can keep it.