Can You Keep Your Car in a Florida Chapter 7?

One of the biggest concerns for people considering bankruptcy is:

“Will I lose my car if I file Chapter 7 in Florida?”

For many Chapter 7 filers, the answer is no. You will be able to keep your vehicle so long as certain conditions are met.

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Florida’s Vehicle Exemption

Florida statutory exemption statutes allow you to protect:

• $5,000 of equity in a vehicle

• If car is owned jointly by spouses, you may be able to claim any equity in the car as entirely exempt as property owned “tenants by the entirety” if certain other requirements are met

  
  

If you don’t own a home, you may qualify for an additional $4,000 wildcard exemption, some of which can be applied to your vehicle, if needed.

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What If You Have a Car Loan?

If you’re current on payments, you can usually:

• Reaffirm the loan and keep the car, or

• Redeem the vehicle by paying its current value

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What If You’re Behind on Payments?

Chapter 7 does not provide tools to catch up on overdue payments on your car. In that case, Chapter 13 might work better. But Chapter 7 may still be possible in certain situations. Your bankruptcy attorney can help you fully evaluate your options.

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Need Help Protecting Your Car in Bankruptcy?

👉 We help clients throughout Winter Park and Orlando keep their vehicle while eliminating debt.

Schedule a free consultation with our experienced Chapter 7 bankruptcy attorney, Melissa Youngman at calendly.com/melissayoungman