St. Louis Bankruptcy Law Firm: Can I Keep my Car in Bankruptcy?

Some people hesitate to file bankruptcy because they assume they will be forced to sell their car. Because people need their cars to get to work and run other necessary errands, they worry that they will be worse off after they file, potentially losing their job or being forced to find another. Fortunately, many people who file Chapter 7 don’t have to sell their vehicle thanks to Missouri bankruptcy exemptions. A St. Louis Bankruptcy Law Firm can look at the equity you have in your vehicle and do everything possible to allow you to keep it.

Motor Vehicles Exemption from a St. Louis Bankruptcy Law Firm

 

In Missouri, a person is able to exempt up to $1,000 towards their vehicle. This is not very high, but it can be enough for someone with an older vehicle or one that is not in good shape. For married filers, they can double this amount for a single vehicle.

Fortunately, there is another exemption that can be applied to the vehicle – the “wild card” exemption. This allows the head of family to apply $1,250 towards any personal property they choose. They may also claim $250 for each child if they are the head of the family. With this extra money, it may be possible for a St. Louis Bankruptcy Law Firm to let you keep your vehicle.

At The Westbrook Law Group, we will work to find the best solution for your debt problem. By applying all exemptions possible, it is entirely possible to keep most of your assets while getting a fresh start free of debt. To learn more about how we can help, contact the St. Louis Bankruptcy Law Firm The Westbrook Law Group right away.

Need help with debt? Contact a St. Louis Bankruptcy Law Firm

Call The Westbrook Law Group today at (636) 493-9231

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