Legal Question in Bankruptcy in California

Personal Property without incumbrance

My husband and I have a 9 year old automobile and a 17 year old van that we own free and clear. My husband

also has some personal property from a former business

($2,000 value). If we file a chapter 7 bankruptcy will

we lose either of the vehicles or the personal property from the former business?

How far does the court go back to determine that monies must be returned, if certain creditors received preferential payments, and is there a minimum dollar amount that they would look at?


Asked on 3/06/01, 1:20 pm

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

Re: Personal Property without incumbrance

To answer your first question (regarding the property exemptions) I would need to know the value of each of your assets before making that determination. In all likelihood you'd be able to keep your automobiles, but without all the information , I couldn't say for sure. As for the preference payments, if they are made to non-relatives, the look back period is 90 days from the date you file the Ch. 7 for any amounts over $600 total. For family members the look back period is one year with no minimum.

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Answered on 5/11/01, 1:57 pm


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