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Will I Lose My Car?

Whether or not a person can retain their car when filing bankruptcy is based upon the value of the car and how much is owed on it.

To determine whether one can retain a car when they file bankruptcy or whether they will lose a car if they file bankruptcy is all determine by the value of the car and how much is owed on it. If it is an old car there’s usually not going to be a problem. If it is a new car with a loan on it or any car with a loan on it there’s probably not going to be a problem with filing bankruptcy. In the state of New York an individual gets a 2400 hundred dollar exemption in a vehicle. That means that the equity when they file a bankruptcy cannot be more than 2400 hundred dollars. However in reality 2400 hundred dollar exemption amount is increased generally by another 1,000 dollars. Therefore an individual can file a bankruptcy and retain the car without any problems.

Why Choose Jacoby & Jacoby?

Experienced and Qualified Representation

When you work with a New York bankruptcy lawyer at Jacoby & Jacoby, you have the benefit of our years of experience and our extensive resources, all at your disposal as you face these trying times. The stress and emotions associated with mounting debt may leave you feeling hopeless and lost. Thankfully, with the help of a lawyer at our firm, you can begin to take control of your finances and experience much needed relief.

By discussing your situation with an attorney at our firm, you can decide whether bankruptcy is right for you. You can learn what your options are. When you work with an experienced attorney at Jacoby & Jacoby, you will have the support and legal counsel of a professional who will know what to do to help. Finally, you can experience relief from creditors. You can stop worrying about losing your possessions or your home.

Contact our firm today, and learn more about the many ways that we can come to your aid. Call Jacoby & Jacoby at (888)452-2629.

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