can I keep my cars in chapter 7?

[feltsuit]

My wife and I are thinking of filing chapter 7 and the only real assets we have are two vintage plymouth barracudas. They both have a combined value of about 2000.00. I know this is not much but will we be able to keep both cars?

[mymymy]

Need more info...

First of all, Where do you live?

[HHM]

Are they the only cars you own, or do you have others that you use for day to day driving.

Generally, whether you can keep the cars depends on your states exemptoin law (i.e. exemption laws allow you to keep certain property even though it could conceivably be sold to satisfy a debt, in essence, the property is exempt from collection). Usually each state has a law that exempts a certain amount of equity in a vehicle. Since your married, typically each spouse gets an exemption in one vehicle.

Look in the Exemption topic of this forum for your State http://www.bankruptcyforum.com/forumdisplay.php?f=13

[feltsuit]

First of all, Where do you live?

California