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My car is worth about $6K and I still owe $13K on it. Thinking of filing chapter 7.
This is a discussion on My car is worth about $6K and I still owe $13K on it. Thinking of filing chapter 7. within the General Chat forums, part of the Main Category category; Will I get to keep it? From what I've read chapter 7 allows for approximately $2500 exemption per person ...
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06-15-2008, 06:20 PM
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| Junior Member Join Date: Jun 2008
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| Will I get to keep it? From what I've read chapter 7 allows for approximately $2500 exemption per person when filing jointly with spouse. Plus there is a wildcard exemption which from what I've read is about $1000. So that would let us keep our car which is worth $6000, right? Or does the fact that there is a lien on it make the exemption(s) not work with this vehicle. Yes we only have one car between the 2 of us. Hope someone has been in this exact situation before, or is a bankruptcy paralegal/clerk or something. Just want a clear answer for this scenario since no books or websites have been clear. |
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