Many Louisiana residents that are under insurmountable debt they can’t pay off themselves are thinking about filing for bankruptcy protection, but they are afraid they might lose everything. This is a common misconception and many don’t know that there are exemption laws that allow you to not only keep your home but also keep your car in bankruptcy.
In fact, the Louisiana bankruptcy motor vehicle exemption law allows you to protect up to $7,500 worth of equity in your car. So, if you want to keep your car without reaffirming the debt you can do so – if it’s not worth more than $7,500. If by chance it is worth more than that and the trustee takes the vehicle to repay your creditors you’re not out of luck.
If you are married and filing jointly with your spouse you are able to double the exemption amount and either save both of your cars or one car worth $15,000 or less. Other vehicles that are allowed a higher exemption amount include those vehicles that are modified to assist passengers with a disability.
Obtain Bankruptcy Auto Financing in Louisiana
Here at BankruptcyAutoFinancing.com we can help you get an auto loan during bankruptcy regardless of which step of the process you are in. We have a network of Louisiana dealerships that have the tools and expertise to help people in or out of bankruptcy get into and affordable new or pre owned vehicle at a budget that will fit their needs.
If you’re thinking about going through bankruptcy, currently in bk, or recently discharged you have options. Not only can you get bankruptcy car loans, but you can a lot rebuild your credit with these loans. Start today by filling out our online application, and you could be meeting with a Louisiana lender near you and driving away in your new or used car in no time.
Remember we are not lawyers and cannot give legal advice. The situations discussed are only our experiences over the years and may vary with each customer.