Legal Question in Bankruptcy in New York

business vehicle

I plan to do a business and personal bankruptcy. I have a truck that was used for my business. I still owe $25,000 but the truck is worth about $15,000 to 17,000. We want to include this in the bankruptcy because the payments are too high. The question is can we keep the truck after doing the bankruptcy because its the way I make my living?


Asked on 4/14/03, 9:04 pm

1 Answer from Attorneys
Lance Spodek Lance Roger Spodek, P.C.

Re: business vehicle

Sort of. However you must either reaffirm the debt (that is continue to make your monthly payments) or redeem the truck by paying is a single lump sum payment the actual value ($15,000). You can not keep the truck and not pay.

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Answered on 4/15/03, 8:36 am


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