Legal Question in Bankruptcy in California

Re: car asset

Worse than that, the DMV will take away your driver's license. You are entitled to $1900 equity in a motor vehicle (i.e., the creditor can take away your car if he pays you $1900 and pays of the finance balance). See the following article: http://moneycentral.msn.com/articles/smartbuy/basics/10135.asp?special=msn

A bankruptcy will allow you to keep your drivers license and get rid of the creditor.

Re: car asset

Since you probably owe on this car, they can only seize some ofthe equity you have and if you can prove the business use, then none. However, they can seize some of your wages. You might wish to discharge this debt in Bankruptcy and re-affirm the debt on your car.

Re: car asset

Thanks for your inquiry. The answer to your question is yes, but it depends on whether or not you own the vehicle free and clear. If the insurance company sues you for reimbursement (called subrogation in the legal field), and get a judgment, they can put a wage garnishment on you, take property you own, and suspend your driver's license until the judgment is paid.

If you are paying a loan on the vehicle, then the bank, and not you, owns it, so they cannot attach it.

Thanks, and if you need other help, including a bankruptcy, which may wipe out this debt completely, please feel free to email me, or call me at 1-877-568-2977, toll free.