Are you considering filing for a bankruptcy? Do you want to know the answer to, do I get to keep my paid off car if I file a bankruptcy? There is a simple answer and there is a bit more of a complicated answer. Here is what you need to know from both.
The simple answer is, most likely, no. The vehicle is looked at as an asset and in most cases you will either be given a chance to sell it ahead of time or it will be seized and sold to help pay off your creditors. Most likely your attorney will advise you to sell it ahead of time and to stash the cash somewhere that it cannot be found.
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That is if you even get to this point. The more likely situation is that one of your creditors discovers that you own a vehicle that is paid off and they place a lien against it making it impossible to be kept during a bankruptcy. This is the most likely circumstance because they want their money and when you file bankruptcy it makes it more difficult for them to get paid.
However, if you have a very good attorney, who is able to work out a deal, then the answer to do I get to keep my paid off car if I file a bankruptcy? Could possibly be a yes. This would be an extreme circumstance where the vehicle is your only means to and from work or you just have to have it for some other reason. Do not expect this to be the end result.
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