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IF YOU DECLARE BANKRUPTCY CAN YOU KEEP YOUR VEHICLE?
If you declare bankruptcy:
- You can keep a vehicle that is valued up to $6,600 dollars and no lein on it.
- If it is worth more than that $6,600, you will be required to pay the trustee the excess value
- If the vehicle is leased or financed, the leasing company has the right to repossess the vehicle, but as long as you keep making the payments they will often allow you to keep it
- If you are leasing a vehicle, consider surrendering the vehicle and get something less expensive to reduce your monthly
- If you do wish to surrender your vehicle, discuss the options with the Licensed Insolvency Trustee