Legal Question in Bankruptcy in Tennessee

Assets affected by filing for bankruptcy

I was given a new car as a gift.It is registered in my name. If I file for bankruptcy will the car be taken away? I owe roughly $11,000 in credit card bills and the car is worth approximately $16,000.


Asked on 3/05/98, 12:41 pm

1 Answer from Attorneys
Marshall Snyder Law Office Of Marshall Snyder

Keeping Car In Bankruptcy

If you file a Chapter 7 liquidation, the value of your car would have to be squeezed into the $4,500.00 personal exemption offered by Tennessee. Otherwise, the Trustee would claim the car value over and above $4,500.00 for your creditors. However, you have not given any detalis concerning the car. Therefore, any valuations for purposes of this discussion are hypothetical only.

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Answered on 3/07/98, 7:52 pm


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