Legal Question in Bankruptcy in California

if i file bankrupcy what happens to the car i just purchased?


Asked on 1/01/10, 5:02 pm

1 Answer from Attorneys
Robert F. Cohen Law Office of Robert F. Cohen

You can reaffirm the debt to the lender. If you purchased for cash, then you will have to determine whether you could exempt the equity. In addition, the BK trustee might inquire as to where you got the down payment or the cash to buy a car, and why you didn't pay your creditors with those funds.

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Answered on 1/08/10, 11:57 am


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