Legal Question in Bankruptcy in California

Do I get to keep my car

Do I get to keep my car if I decided that bankruptcy is the best decision even if I owe an outstanding balance (let's say $20000.00)or will I have to surrender the car? And if I want to discharge it, can I do so? Please respond. Thank you!


Asked on 8/31/00, 6:47 am

1 Answer from Attorneys
Mark Markus Law Office of Mark J. Markus

Re: Do I get to keep my car

You cannot reasonably keep your car and discharge the debt on it. Eventually, if you do not make payments, the lender will seek to repossess the car. I think your question is confusing your obligations to the secured creditor on your car with the Trustee's powers in your bankruptcy. If there is non-exempt equity in the vehicle, a Trustee could sell it. I find this extremely unlikely unless, as I said, there is substantial equity in the vehicle. The only way to know for sure is to have a consultation with an attorney in your area. I will be happy to give you a free consultation when you are ready.

Regards,

Mark

(818)509-1173

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Answered on 10/03/00, 11:41 am


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