Car Exemption and Bankruptcy

There are many people that come in to file for bankruptcy as a single filer, but have a child that is at the driving age. Many people have enough knowledge to know that they are considered as to whether or not they can protect the second vehicle. The way it works is if you have someone in the household that is of the driving age you are able to claim the exemption for both cars and have no problems in keeping the vehicle. The interesting information that you may not know or realize is that if you are filing for a chapter 13 you are able to put both vehicles through the plan. The concern that the Debtor has though when they do not know this information is that for however many drivers you have in the household, you are able to claim that many car exemptions. Keep in mind that they have to be at the driving age and it couldn’t be right on the verge of being the driving age. If you have any concerns or questions as it relates to the vehicles that you have and if you are able to protect them with the exemptions under the bankruptcy code, then contact your attorney’s office to ask them.

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