Salt Lake City Bankruptcy Lawyers

How Much is Owed on the Vehicle?

Determining how much you owe on your vehicle is crucial part of determining whether you may qualify for a vehicle exemption under Utah bankruptcy law. You will need to determine whether you have any equity in the vehicle. Utah Code allows for up to $2,500 in equity in your vehicle, or up to $5,000 if you and your spouse are filing jointly. If the amount you owe on the car is more than or is equal to the value of the car, you have no equity to claim. However, if the amount you owe is less than the value of the car, these amounts will need to be compared to determine whether you qualify for exemption. For example, if your vehicle is worth $10,000 and you owe $8,000, you may qualify for an exemption under Utah law.

Your vehicle exemption and what you need to do with your car, truck or SUV will vary depending upon whether you are filing for Chapter 7 or Chapter 13 bankruptcy, the value of your car, the amount you owe, your income, and much more. A skilled Salt Lake City bankruptcy lawyer is an excellent choice if you would like to fully understand the situation as it applies to your vehicle and how bankruptcy will affect your ownership. You may need to determine whether you will have to surrender your vehicle to the bankruptcy court, reaffirm your debt or if you can keep the car. An experienced attorney can assist you with this.

The Stone Law Firm – Helping Vehicle Owners in Bankruptcy Cases

The Utah bankruptcy attorneys at the Stone Law Firm represent clients throughout all of Salt Lake City, Ogden and Provo. We are committed to providing our clients with the personalized attention and honest legal advice they need to make the right choices about bankruptcy. A Salt Lake City bankruptcy attorney at our firm can give you the protection you need in filing for bankruptcy so you can keep your vehicle, if that is what you want to do.

Contact the Stone Law Firm today for a free consultation with a dedicated Salt Lake City bankruptcy lawyer.