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]
3 Answers from Attorneys
Re: bankruptcy question
The reply by Mr. Markus is correct.
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.
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.
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
