Bankruptcy Exemptions On Maui
Can I Keep My Car?
It is a common misconception that you must give up your car or other badly needed assets in order to file for bankruptcy. The truth is that most bankruptcy filers in Hawaii are able to keep their vehicles and all of their other assets, in Chapter 7 or Chapter 13. The law makes most basic household assets, and even retirement savings in excess of $1 million, exempt from liquidation.
Bankruptcy filers in Hawaii may opt to use either the State of Hawaii bankruptcy exemptions or a set of federal exemptions provided in the Bankruptcy Code. There are significant differences between the two sets of exemptions, and selecting the most advantageous can sometimes be a complicated balancing act.
Auto loans must be listed in the bankruptcy filing, as must all debts. However, filing bankruptcy does not mean the loan is canceled. The debtor can elect to reaffirm an auto loan to exclude it from the bankruptcy discharge, and thus retain the vehicle so long as timely payments continue to be made.
The Law Office of Jean Christensen LLLC is proud to serve clients in Maui and throughout the state of Hawaii. Call us at (808) 865-0420 or fill out our online contact form to find out more about how we can assist you.
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