Will I Lose My Car?

Probably not. Since the federal bankruptcy law allows you to keep your assets up to a certain amount or value, in most cases there are no nonexempt assets that get taken away. However, a lien on your car would not be eliminated; with a car loan, for instance, you may have to either surrender the car or continue to pay for it. As long as you own the vehicle free and clear and it is not worth too much, then you get to keep it.

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