Legal Question in Bankruptcy in California

In Chapter 7, can my wife and I keep our cars

My wife and I filed chapter 13 of bankruptcy in April of 96 in order to save our house. It turn out that I had a balloon payment due on the house in April of 96. The Attorneys are going after a relief of stay for the balloon payment. Our attorney says it looks like we will lose the house anyway. If we just walk away and convert to a chapter 7 bankruptcy, can we keep our cars which are both paid off. My wife needs her car for work and I need mind to look for a job.


Asked on 10/21/97, 4:11 pm

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

In Chapter 7...

It depends on what exemptions you have taken and what the value of all your assets are. You may need to amend your schedule C. Your attorney should really be the one answering this question.

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Answered on 10/25/97, 10:33 pm


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