Legal Question in Bankruptcy in Arizona
We need to finance a car, but are going to be filing bankruptcy soon. They say we can have up to $5000 in equity in the car. If we borrow from a friend to pay for rest of the car, is that the same as borrowing from a finance co/bank? Will that raise any red flags?
1 Answer from Attorneys
This issue comes up more than you might think. However, your specific question raises some issues that make it impossibleto answer without knowing more facts. There is a way that you can work this so tht you can exempt the vehicle's present fair market value, but there would ahve to be a valid security agreement involved. I can help you with this but it might be easier to talk about on the telphone. I will not charge you just to talk on the phone. You are welcome to call me anytime at this number. 915 261-3893
Related Questions & Answers
-
I would like to know if I file bankruptcy. will a cosigner be relieved of all... Asked 8/25/10, 1:04 pm in United States Arizona Bankruptcy Law
-
I am about $30,0000 in debt. I tried working with a debt company to help me pay off... Asked 8/11/10, 10:53 am in United States Arizona Bankruptcy Law
-
My ex husband and I own a piece of property that we sold ans is now in escrow. In... Asked 8/04/10, 11:30 am in United States Arizona Bankruptcy Law