Legal Question in Bankruptcy in California
bankrupsy
I only have a car that is my only transportation. I owe 14,000 on t credit cards.it. suzuki 2006 grand vitara. I don't know if you can help lower can you help me. --name removed
.he cost thru bankrupsy or not. I have not property, I have a vacuume cleaner( stupid) for 3,000, and a few other misc old bills. no
2 Answers from Attorneys
Re: bankrupsy
In chapter 13, provided you have regular income , its possible to lower monthly payment of auto loan, provided vehicle was financed 910 days before.
In chapter 7, even though credit card debt could be discharge/relieve debtor's from further liability from payment, it cann't lower auto loan payments.
Whether chapter 7 or 13, you are welcome to call us and I will be happy to explore your options.
Re: bankruptcy
A bankruptcy attorney can review your entire situation (debts owed, types of debts, assets and income) and advise you regarding the outcome of filing a bankruptcy.
There are exemptions to allow you to keep a certain amount of assets/equity, and you may fall under these in order to keep the car. You'd also have to reaffirm the car debt if you wanted to keep it, which would mean it would survive bankruptcy--you may decide you'd rather give up the car in the BK and use any exempt funds you may have to buy a low-cost used car.
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