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The exemption relates to the equity in your vehicle. So if you owe a $2,000 loan on a $3,000 vehicle, you can keep it if you are current on the payments and In that case, you can normally keep your car as long as you continue to make your payments as agreed. There are some exceptions to that. Primarily, it has to be
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This means you can keep your essential assets, including your vehicle, as long as its value falls within a specific limit. In Florida, that Did you know filing Chapter 7 bankruptcy in Florida can stop lawsuits, garnishments, and creditor calls the moment you file, Should you sign a reaffirmation agreement during Chapter 7 Bankruptcy? By Dr. Danielle Lin
Colorado Bankruptcy Attorney Matt Berkus discusses if you can keep your car in chapter 7 bankruptcy. Will you keep your car or Once the law takes effect, debtors who file for bankruptcy can exempt up to $5,000 of equity in a motor vehicle. In addition, that increased