Can you own a second car if you filed for a Chapter 7?
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Can you own a second car if you filed for a Chapter 7?
Asked on January 8, 2013 under Bankruptcy Law, Texas
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
Under federal bankruptcy laws there is nothing preventing a person who files for such protection from owning more than one automobile. In bankruptcy, the court does not per se take away one's physical assets. The purpose of a bankruptcy filing is to give a person a new opportunity in life by discharging his or her debts.
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