Legal Question in Bankruptcy in Illinois

Keeping car co-owned with husband

I am considering filing on my own personal debt but need to know if they will take our truck which is co-owned with my husband, he is not filing. I believe it has a value more them my excemption would be.


Asked on 7/14/03, 5:13 pm

1 Answer from Attorneys
Thaddeus Hunt Law Offices of Thaddeus Hunt

Re: Keeping car co-owned with husband

Whether a truck is sold in a Cahpter 7 bankruptcy is the decision of the bankruptcy trustee. The trustee will normally evaluate the equity in the vehicle, the costs to sell it and whether the funds left would provide a meaningful benefit to creditors.

It is your right to file a bankruptcy without an attorney, however make sure that you use your exemptions wisley to maximize the chance the trustee will not try to sell the car.

Very truly yours,

Thaddeus J. Hunt, Esq.

Read more
Answered on 7/15/03, 12:15 am


Related Questions & Answers

More Bankruptcy Law questions and answers in Illinois