Florida Bankruptcy: If I am Filing for Bankruptcy can I Keep more than One Car?

When you file for bankruptcy in Florida you must complete a bankruptcy petition.  Part of the petition asks you to list ALL of your assets and debts.   Assets include anything that you own (house, cars, bank account, clothes, investment accounts, tools, furniture, etc).   When you list these assets you must be honest and be sure to include all of your assets.  There is no minimum or maximum as to the number of assets you have.  If you have two cars you list both cars, if you have five houses then you need to list the five houses.  The main question becomes if you can keep those assets after your bankruptcy is over.  In order to keep assets you must be able to either exempt the value of the asset in the bankruptcy, or if the asset is upside down (you owe more than it is worth) then you will likely need to sign a reaffirmation agreement stating that you will reaffirm the debt (debt will survive the bankruptcy).

So if you have vehicles you will be able to keep them if you can exempt their value or you are willing to reaffirm the debt on them.  Florida allows for a $1,000 exemption for a vehicle for a debtor and $2,000 exemption for a joint debtor.  Furthermore Florida residents who don’t own a home or are surrendering their home can exempt an additional $4,000, in anything they want, for an individual debtor or $8,000 for a joint debtor.

If you own more than one car and you can either exempt the values of the vehicles are willing to reaffirm the debts on the vehicles then you would be able to keep all your vehicles post bankruptcy.  However if you have more than one car and you want to get rid of a vehicle in the bankruptcy then you can do so as well.

To schedule a free consultation to determine if bankruptcy is right for you then please contact Shmucher Law, PL at 953.309.5559 or 305.741.5553.  Consultations can take place in any of the following office locations:  Boca Raton, Fort Lauderdale, Miami, Plantation, or Sunrise Florida.

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