Salt Lake City Bankruptcy Attorneys

Vehicle Exemptions

Vehicle exemption is an important issue to consider when you are determining whether to file for bankruptcy. You need a vehicle to get around, and depending upon your situation you may qualify for a vehicle exemption. A Salt Lake City bankruptcy attorney at the Stone Law Firm can address this matter for you and can determine what your options are in regards to your vehicle or vehicles if you file for a Chapter 7 or Chapter 13 bankruptcy.

Will My Car Have to Be Sold?

This is an important question. Depending on what your car is worth, what you owe and how much (if any) equity you have, you may or may not have to face the possibility of selling your car. If you own your vehicle free and clear and it is worth more than $2,500 (or more than $5,000 if you are filing jointly), the bankruptcy trustee may sell the vehicle and distribute the proceeds from this sale amongst creditors with claims in your bankruptcy case. If you have a loan against the vehicle, the car will be sold and the loan holder paid off, with any excess money distributed between creditors by the bankruptcy trustee.

However, it is important to note at this point that there may be other options. If you do not qualify for a vehicle exemption, it may be possible for you to reaffirm your debt. A bankruptcy lawyer at our firm can review your options with you in order to find one that fits your goals.

Consult a Salt Lake City Bankruptcy Lawyer

The experienced bankruptcy lawyers at the Stone Law Firm are standing by to see how they can help with your financial situation. If you are looking to keep your car, we can evaluate your case and see what legal action we can take to protect this valuable asset during your bankruptcy case. We represent clients throughout all of Salt Lake City, Provo and Ogden, Utah.

Will you have to sell your car? Contact a Salt Lake City bankruptcy lawyer at our firm today!