What About My Car? Can I Protect It In Bankruptcy?

A: Generally, your automobile will be protected if you file for bankruptcy. What does this mean? This means that if you own a vehicle and the value is not greater than the exemption amount over the secured loan, your vehicle will be protected. If your value exceeds the exemption amount, your vehicle can still be protected under the wild card exemption, a buy-out option or a Chapter 13 bankruptcy.