Can I Keep My Vehicles?

An individual can keep up to $5,000 worth of equity in a car. A couple filing jointly can keep $10,000 worth of car equity ($5000 X 2). Elderly persons, which happily is defined as 60 years or older can keep $10,000 each of equity in a car. So unless you own very valuable cars where there are no loans, you can probably keep your car away from your bankruptcy trustee. When you have a car loan, you will have to continue to pay the loan to keep the car and your lawyer and you will have to discuss reaffirmation agreements. I have provided blog entries on the main page discussing reaffirmation agreements, please see those to read about them.