Can I Keep My Vehicle During Bankruptcy?

When you’re facing bankruptcy, one of your primary concerns is how you’ll keep living your life in the face of all the financial problems you have. Your vehicle is one of the most important assets you own: it gives you freedom, mobility, and the ability to get to and from your job. Without your vehicle, it may be harder to get back out of debt again. If you’re considering filing for bankruptcy, contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A. by calling 561-353-2800 today for important information on keeping your vehicle.

Most states have laws protecting certain property in the wake of filing for divorce. These are called exemptions, items which are exempt from your creditors. Exemptions vary from state to state, with some offering more protections than others. Unfortunately, while Florida has a generous homestead exemption (meaning protections for your house and real estate property), it is not very generous when it comes to other items of property, particularly vehicles. This exemption only covers $1,000 for the vehicle, which is under the federal exemption of $2,400.

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Before you file for bankruptcy, it can be very beneficial to talk to a bankruptcy attorney about what the best way to minimize your losses is. A bankruptcy attorney can help you make the most responsible decisions about your financial future. If you’re thinking about filing for bankruptcy, contact the West Palm Beach bankruptcy attorneys of Eric N. Klein & Associates, P.A. today by calling 561-353-2800.