Will they take my car?
Date: Tue, 08/25/2009 - 22:04
I wanted to know if they can take my car when I file BK 7? My mother bought the car for me last year. It is a used car paid for with cash. My name is on the title.
Quote:I wanted to know if they can take my car when I file BK 7?
Quote:
I wanted to know if they can take my car when I file BK 7? My mother bought the car for me last year. It is a used car paid for with cash. My name is on the title. |
They may, depending upon the state bankruptcy laws.
What is the value of your car? What is the exemption limit for automobile in your state? If your car's value exceeds the exemption limit then the excess fund would be used for paying off the creditors.
talk to an attorney in your area and find out what the limits ar
talk to an attorney in your area and find out what the limits are on vehicles and personal property. chances are you will be able to keep it. unless its worth like anywhere from 3k to 10k. depends on your state.
The allowance for Washington state is $3000. My car is worth $9
The allowance for Washington state is $3000. My car is worth $9100.
Unless you have other "wildcard" exemptions that you could use t
Unless you have other "wildcard" exemptions that you could use to cover the value of the car, then the trustee would take it to cover your other debts. And if you transfer it to another name now, that could be perceived as fraudulently trying to "hide" assets.
Submitted by southernapostolic on Thu, 08/27/2009 - 19:55
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