Legal Question in Bankruptcy in New York

Re: Keep my car

Your question revolves on the ratio between what the car is worth on the open market (its BlueBook value) and what you owe. If the ratio is small (i.e., the car is worth close to what you owe on it), then it's likely that you'll be able to keep your car and continue to make payments on it; if the ratio is large (i.e., you've gone a long way toward paying it off), the Trustee would probably claim the car as an asset of the estate and sell it to pay your creditors.

So...as stated, the answer to your question is a resounding IT DEPENDS.

You need a lawyer. Bite the bullet and hire one. There are piles of attorneys who concentrate their practices in bankruptcy. If you're in the Capital District, I'll be happy to talk with you.

THE INFORMATION PRESENTED HERE IS GENERAL IN NATURE AND IS NOT INTENDED, NOR SHOULD IT BE CONSTRUED, AS LEGAL ADVICE. THIS POSTING DOES NOT CREATE ANY ATTORNEY-CLIENT RELATIONSHIP BETWEEN US. FOR SPECIFIC ADVICE ABOUT YOUR PARTICULAR SITUATION, CONSULT YOUR ATTORNEY.

Re: Keep my car

It depends upon the amount of Equity that you have in the car.

You need a Lawyer to protect you.

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New York Bankruptcy Attorney, Bankruptcy Lawyer in Brooklyn New York

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