How Does a Chapter 7 Bankruptcy Attorney in Sacramento, CA Keep More than One Vehicle

The good news for people in Sacramento, CA who are considering filing for Chapter 7 bankruptcy, is that if you have a trusted ally in your corner and find a bankruptcy attorney willing to answer all your questions while guiding you through the process with care you could make a significant difference in the outcome of your case. One common question posed to us is, “How many cars can I keep in Chapter 7 bankruptcy if I have my kids’ cars in my name?”

Understanding Chapter 7 Bankruptcy

Referred to as a “liquidation” bankruptcy, Chapter 7 discharges most of your unsecured debt. These debts might include credit cards, medical bills, and other types of loans. There are certain qualifications you must meet to apply for Chapter 7, and experienced Sacramento, CA attorneys can help you understand these stipulations.

Personal Property and Chapter 7 Bankruptcy

Although Chapter 7 bankruptcy calls for the liquidation of a debtor’s non-exempt assets, some forms of personal property, including vehicles, can often be excluded from this process. These exemptions are governed by state law and can vary widely. That’s where a trusted Chapter 7 bankruptcy attorney in Sacramento, CA comes to your rescue.

Having Your Kids’ Cars In Your Name

At times, parents might have one or more vehicles titled in their name even though the cars are being driven by their children. If you’re pondering filing for Chapter 7 bankruptcy and have your kids’ cars in your name, questions about whether those vehicles might be exempt from bankruptcy seizures are normal.

Keeping Cars during Chapter 7 Bankruptcy

Certain conditions will allow you to retain possession of your vehicle (or vehicles) in a Chapter 7 bankruptcy. The options for doing so can involve redeeming the vehicle, renewing your loan, or an exemption. The specifics of these options and their suitability for your case can be clarified by a knowledgeable lawyer.

Conclusion

Considering the intricacies of bankruptcy law and the potential implications on personal assets like your cars, it’s essential to discuss your situation with a seasoned Chapter 7 bankruptcy attorney in Sacramento, CA.