2007-10-01 14:33:45 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The total dollar amount of your personal properties that you are allowed to keep under Chapter 7 is depends on the state where you live. Car is not one of the exception properties.
If you have a loan on the car, then they will take the car back if you can't keep up the payment.
If you don't have an outstanding loan on the car, and you'll have a choice to keep it if its value plus other personal properties you want to keep are under the stated limit; or you might decide there are other things you rather keep instead of the car, then you'll have to liquidate your car like other personal properties you do not get to keep. The proceeds from liquidating un-kept personal properties will be going toward paying part of your debts.
If under Chapter 13, then chances are the appointed trustee will work out a 5-year payment plan for you to pay off your debts including car payments. If you don't have car payment, then you get to keep the car as long as you wish.
Best wishes.
2007-10-01 14:43:09 · answer #1 · answered by JQT 6 · 0⤊ 1⤋
Answerer # 2 is closer to reality, but still off.
Depends on how much your debts are and whether the Federal Bankruptcy court allows you to totally dissolve your debts or schedules a payback plan for you. Depending on your income, the majority of bankruptcies now force a 5-10 year repayment plan.
Go and schedule a free consultation with a bankruptcy attorney, he will be able to tell you what pertains to your situation.
2007-10-01 15:02:08 · answer #2 · answered by Gem 7 · 1⤊ 0⤋
Each state allows you to protect a vehicle up to a certain value. That value varies by state. The first answer is wrong in every state. Bankruptcy requires selling EVERYTHING you own that is not specifically exempted.
2007-10-01 14:48:03 · answer #3 · answered by STEVEN F 7 · 0⤊ 0⤋
Yes, the court let you keep one car for transportation. Because you need a car to go to your job.
2007-10-01 17:40:03 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Depends. If it's extravagant or you recently bought it, then no.
2007-10-01 15:39:38 · answer #5 · answered by Anonymous · 0⤊ 0⤋