Boulder, CO asked in Bankruptcy for Colorado

Q: If I declare bankruptcy will I lose my car?

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1 Lawyer Answer
Cristina M. Lipan
Cristina M. Lipan
Answered
  • Bankruptcy Lawyer
  • Wantagh, NY

A: Not necessarily. You are entitled to certain exemptions for personal property. For one vehicle, the exemption varies from state to state, but it's approximately $3,000. If you have more than (about) $3,000 of equity in your vehicle, the trustee may ask for the difference or else sell the vehicle. Equity would be the value of the vehicle minus any loan balance.

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