Legal Question in Bankruptcy in California

bankruptcy question

I owe $23,000 (4 credit cards) have $60,000 equity in my home, own a 2001 Chevrolet which is paid for and unsecured. My lawyer has told me I will lose my car if I file bankruptcy. I now find out I'm being laid off at the end of June. Would they really take my car and leave me without transportation. Please, I need a second opinion. Thank you. [email protected]


Asked on 5/13/03, 11:45 pm

3 Answers from Attorneys
Alvin Tenner Law Office of Alvin G. Tenner

Re: bankruptcy question

The reply by Mr. Markus is correct.

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Answered on 5/14/03, 11:07 am
Lauren Ross Lauren Ross

Re: bankruptcy question

Yes- in order to protect the equity in the house, you can only protect a limited amount in the car. You will either loe the car or have the chance to buy back your non-exempt portion.

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Answered on 5/14/03, 12:13 am
Mark Markus Law Office of Mark J. Markus

Re: bankruptcy question

It depends on the value of your vehicle. Since you presumably will need to utilize the homestead exemption on your home, you are left with a $1,900 exemption for your car's value. Any value above that can be taken by the Trustee. You can always negotiate with the Trustee to purchase the vehicle from him/her for the amount that exceeds your exemption.

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Answered on 5/14/03, 12:52 am


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