In bankruptcy will I be allowed to keep my vehicle? Truck is valued at $4500 I owe $8000.
1 Answer | Asked in Bankruptcy Law for California on Feb 15, 2013.
Answered On Apr 10, 2013
Since you owe more than the value of the truck, it means you have no equity in the truck and unless you fail to make paymens on the vehicle or fail to sign a reaffirmation agreement (but only if the creditor is the type that insists on reaffirmations) then you can keep the truck. Even if you had equity in the truck, you possibly could also keep it as long as you have exemptions to cover the equity.