Legal Question in Bankruptcy in Georgia

Bankruptcy and the disabled

I reside in the state of Florida. It is becoming more evident that I may have to consider filing bankruptcy. I have a truck that was purchased as a vehicle to make it easier on me to get around , as I am permantly disabled.I still owe a considerable amount of money on this vehicle. My question is can they take my sole transportation away if I have to file bankruptcy, since I am permantly disabled and need this vehicle to get to my doctors.


Asked on 12/31/01, 8:29 am

3 Answers from Attorneys
Joel Cohen Joel M. Cohen,P.A.

Re: Bankruptcy and the disabled

Assuming that the lender has possession of the title ,they have a perfected security interest.

This means that if you fail to pay, they may reposses the vehicle. Asuming this vehilce is very important to you, I do suggest that you maintain its insurance coverage and installment payments. Ignore unsecured obligations, they will be discharged in your bankruptcy.

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Answered on 12/31/01, 8:57 am
Melody Stickel-Martinez Melody Stickel-Martinez, Esq.

Re: Bankruptcy and the disabled

You are permitted to retain your vehicle up to $1,000.00 in value. You are making payments therefore, that creditor is a secured creditor. You still may be able to keep the car and just reaffirm the debt. Feel free to contact me for more information.

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Answered on 1/02/02, 7:19 pm
Alexander M. Rosenfeld Rosenfeld & Stein, P.A.

Re: Bankruptcy and the disabled

If the finance company has properly perfected its security interest, then your failure to pay would result in your loss of the vehicle. The allowed exemption in a vehicle does not defeat the secured party's claim.

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Answered on 1/10/02, 4:36 pm


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