Possibly. There is the to keep purchasing on the latest automobile loan/rent blog post bankruptcy. The brand new judge do feedback new the newest equity on automobile. In case the car doesn’t have liens on it, it’s also possible to keep it and also have zero value flipping they out to the brand new Trustee in the event your well worth try below your exemptions regarding county the place you recorded your own situation. This new exemptions apply at security about automobile. Like, when you yourself have a good $20, vehicles that have a good $ten, lien, you really have $10, inside the equity. To save the automobile in the place of point, might you want $10, in the exemptions that may affect the car. If you have an excellent $fifteen, car having $18, when you look at the liens, then there’s no collateral, and you will be able to secure the auto for as long as you keep and also make your instalments.
One home you possess should be unveiled to the legal throughout your personal bankruptcy. If or not one real estate is actually at the mercy of quit situated considerably on what state you’re submitting when you look at the, exactly what chapter from case of bankruptcy you are submitting, as well as the condition of every loans/liens into the possessions. Some states has exemptions which can manage a limitless equity during the most of your household, most other says merely allow for $20,. Currently, Virginia allows a debtor to protect $twenty-five, during the equity of their top household, together with an additional $5, wildcard. Continue reading Can i keep the house? Do I must include the house?