Legal Question in Bankruptcy in Florida

chapter 7

I own a 1996 lexus es300 4 dr sedan. My wife bought the car in fair condition for $800.00 used. I put the vehicle in my name for insurance purposes. If I file a chapter 7 can the courts ask me to surrender the vehicle, or are we allowed to have a car (only 1 between the both of us) to use for work?


Asked on 4/04/07, 11:54 am

1 Answer from Attorneys

Scott R. Jay Law Offices of Scott R. Jay

Re: chapter 7

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I stopped handling bankruptcy actions prior to the new laws, however, I do not think the exemption for a vehicle has changed. When I last checked, the bankrupt was entitled to have one car with a value of no more than $1,000.00 as exempt property from the filing.

I would suggest that you contact your bankruptcy attorney to discuss this further and make sure that this is still in effect.

Scott R. Jay, Esq.

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Answered on 4/05/07, 12:47 am


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