Vehicles and Bankruptcy

It is a common fear that a bankruptcy will cause the loss of all vehicles, disrupting both work and family life. It is also a common belief that you may only keep one vehicle per person in a bankruptcy. This is not correct. Property you may keep in a bankruptcy is set by statute and is clearly defined in the CRS. The number of vehicles you may keep is immaterial, it is the actual dollar amount that is important. This amount is determined by whether you are filing jointly or single and whether or not you qualify for the work based exemption. For people that are sixty years of age or older the amount goes up as well. An experienced bankruptcy attorney will advise you as to your rights and allow you to keep the maximum amount of property.