So your car is paid off, but you are considering filing for bankruptcy. What are my options with bankruptcy and my car? Do you know what you can and cannot do? There are a few things you should know when it comes to your car and bankruptcy. Here are some tips to help you out.
First, your car being paid off does not mean much. If it is not paid off, then your lawyer is going to advise you to turn it in before you file for bankruptcy. This is because they are going to come and take it anyway. You are not going to be able to protect your car by filing bankruptcy.
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Second, if it is paid off, then it is only looked at as an asset that you can use to get money towards one or more of your debts. This means that you will either have to sell it or it will be seized and sold so that you can pay off your creditors. This is what they do with all your assets before they let you off the hook.
Last, your best option is to get a loan against the vehicle and use the money to pay off something or hide the cash until the bankruptcy is discharged. You do not want to put the money in the bank because then it will be seized. Also, keep it out of your home incase they come to verify your assets because they may find it and then it becomes an asset.
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