{"id":2873,"date":"2016-08-25T16:51:50","date_gmt":"2016-08-25T23:51:50","guid":{"rendered":"https:\/\/pdxlegal.com\/?page_id=2873"},"modified":"2023-10-25T23:16:47","modified_gmt":"2023-10-26T06:16:47","slug":"will-keep-car","status":"publish","type":"page","link":"https:\/\/pdxlegal.com\/chapter-7\/will-keep-car\/","title":{"rendered":"Keep Your Car During Bankruptcy"},"content":{"rendered":"
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Repossession Lawyer in Bend & Portland Oregon<\/span><\/strong><\/div>\n<\/h2>\n
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“Will I be able to keep my car in bankruptcy?” Our Portland repossession lawyers and bankruptcy attorneys will often get this question from people considering bankruptcy<\/a>, followed by \u201cThey can\u2019t take my car! How would I get to work!\u201d<\/p>\n

The reality is that most people do not lose their car when they file for a Chapter 7 bankruptcy<\/a> in Portland, Oregon. Like most things in bankruptcy, the law behind reality is much more complex so a true lawyer\u2019s answer would be \u201cIt depends\u201d, It depends on whether you have equity in your car and if so how much equity. It also depends on whether you have other assets which require protection from the Chapter 7 Trustee<\/a> or not. To keep this as simple as possible let\u2019s go through a flowchart:<\/p>\n

<\/picture><\/a>\"OBrien<\/picture><\/p>\n

The risk of losing your car in Chapter 7 bankruptcy goes up as the value or equity in the car goes up. It also depends on whether you have more than one car and what other assets you own. If you went through the above flowchart and are concerned that you would lose your car but need to explore bankruptcy protection, our Portland repossession lawyer can help.<\/p>\n

To understand this more clearly, we will parse the benefits of applying for Chapter 7 or Chapter 13 Bankruptcy and how it can help you save your car.<\/p>\n

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Chapter 7: Car Repossession \/ Car Loans<\/strong><\/div>\n<\/h2>\n
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The primary purpose of Chapter 7 Bankruptcy is to put the debtor in a much more convenient financial situation after going insolvent. This means when you apply for Chapter 7, most of your debts will be cleared – which is also called Debt Relief<\/a>.<\/p>\n

After successfully applying for Chapter 7, the Automatic Stay takes effect immediately. This means that debt collectors must stop any collection activities<\/strong>, and that includes car repossession. However, there are still some exemptions on that.<\/p>\n

Repossessing a car in Chapter 7 is still possible when:<\/p>\n