Thompson Law Group, P.C.

Saving the car is easier than you think

Not everyone realizes that there is more than one type of bankruptcy. After all, portrayals of fictional characters going through bankruptcy often end up being vague, giving only the bare minimum of information. As a result, some people in Pennsylvania might be surprised to learn that saving the car during bankruptcy might be easier than they thought. This is particularly true for those who are filing for Chapter 13 bankruptcy.

In Chapter 7 bankruptcy, a portion of a person's assets are usually sold off to satisfy creditors. After this, the remainder of the filer's debt is discharged. This is not how Chapter 13 works. People who file for Chapter 13 bankruptcy are usually those who have the financial means and income sufficient for a three to five year repayment plan. Unsecured debts left over at the end of the repayment plan is discharged.

But what if someone qualifies for Chapter 7 bankruptcy and wants to keep their car? This is not an uncommon situation. People struggling with their debt do not have to put off filing for bankruptcy out of fear that they will lose their primary mode of transportation. Things like vehicles, primary residences, clothing items and household furniture are usually exempt from being sold to satisfy creditors.

Saving the car is an important factor for Pennsylvania residents who are considering bankruptcy. Unfortunately, widespread misinformation leads many to believe that seeking bankruptcy will leave them with absolutely nothing, meaning they will have to start all over from the ground up. In reality, bankruptcy can help people regain an important sense of financial stability and security.

No Comments

Leave a comment
Comment Information

Contact The Firm

Bold labels are required.

Contact Information

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.


Privacy Policy

email us for a response

Warrendale Office
Main Office
125 Warrendale-Bayne Road
Suite 200
Warrendale, PA 15086

Phone: 724-799-8404
Warrendale Law Office Map

Greensburg Office
101 North Main Street, Suite 104-A
Greenburg, PA 15601

Phone: 724-832-3500
Map & Directions

Canonsburg Office
Satellite Office
2400 Ansys Drive
Canonsburg, PA 15317

Phone: 724-799-8404
Map & Directions

Pittsburgh Office
Downtown Pittsburgh
500 Grant Street, Suite 2900
Pittsburgh, PA 15219

Phone: 412-823-8080
Map & Directions

Monroeville/Wilkins Township Office
Satellite Office
Building 1, 201 Penn Center Blvd., Suite 400
Pittsburgh, PA 15235

Phone: 412-823-8080
Map & Directions

Erie Office
1001 State Street
Suite 1400
Erie, PA 16501

Phone: 814-451-1125
Map & Directions