Will You Lose Your Car?
Many Maryland families face financial difficulties and may not see a way out. Individuals considering bankruptcy may worry that they will lose their family car if they file. Car repossession could threaten your ability to commute to and from work and to successfully navigate your day-to-day life. The experienced attorneys at Christman & Fascetta LLC have over 25 years of bankruptcy experience. We can help your family regain control of finances and strategically protect your assets from repossession.
Securing Your Assets Under Chapter 13
When you file for Chapter 13 bankruptcy, you do not lose assets. Unlike Chapter 7 bankruptcy, in which you liquidate certain assets to repay debts, Chapter 13 reorganizes your current debts into a manageable repayment plan.
Once you file for bankruptcy, your car is safe from repossession as long as you pay any arrearage payments and continue to pay current car payments. If you fail to do so, your car may be taken.
Protecting Your Vehicle With Chapter 7
Under Chapter 7 bankruptcy, you may need to sell some assets in order to pay off your debts. However, only non-exempt assets are liquidated. These can include vacation homes, family heirlooms and investments.
Your primary car is considered an exempt asset up to a certain value. If you are able to make your car payments and are under or at your allotted exemption value, you can retain your car. Married couples filing for bankruptcy are both allowed to claim the full extent of exemptions. You are able to utilize certain federal exemptions as well as state exemptions.
Contact Us For Experienced Counsel
If you are considering bankruptcy, our experienced lawyers can explain your options and how the process will affect your family. Call to schedule your free case consultation, or email us today. For your convenience, we have three office locations, with our main office in Towson.
Once you file for bankruptcy, you can find relief from creditors’ harassing calls and protect your car from repossession.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.