Can I keep my car if I file for bankruptcy?

If you have a car when you file bankruptcy, you have $1,000 in equity and that car that is protected. As long as you continue making your loan payments and insurance on the car, you can keep it. It you have a leased car, as long as you keep making the lease payments, you can keep it. Your automobile is one of the assets that are protected when you file bankruptcy as the law recognizes that you need that to continue to earn money or get around.