Legal Question in Bankruptcy in Texas

bankkruptcy

I am a single lparent of 2, I have 20,000 in credit card debt, with a gross of 22,000 and no child support..I am buying my home and own a car due to my parents purchased it for me and the title is in my name, if I file Chapter 7 bankruptcy, is their a chance I will loose my car, it is the only asset I own out right.


Asked on 1/18/03, 7:29 am

2 Answers from Attorneys
Michael Dover Michael A. Dover, PC

Re: bankkruptcy

You would probably not lose your car. Under Texas law, which is applicable in Texas bankruptcy cases, you may exempt up the $30,000 of personal property for an individual or up to $60,000 for family. Since you have children, you would qualify for the $60,000 of personal property exemptions. There is also an unlimited exemption for your home. So, unless the value of your car and other personal property exceeds $60,000 when you file, you would not be at risk to lose your car.

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Answered on 1/18/03, 11:20 am
Andrew Nichols Law Office of Andrew B. Nichols

Re: bankkruptcy

I would strongly suggest you file Chapter 7 bankruptcy and eliminate all your debt. It would help you financially and also emotionally. PLEASE READ MY FIRM PHILOSHOPY! I do not believe you will loose your car. As long as you can continue to make your monthly car payments you can keep this vehicle. There are some other strategies an attorney can use to help you with a car if you fall behind. Please feel free to call me to personally discuss your case. ph. (214) 979-7330 or (800) 303-0720

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Answered on 1/22/03, 7:21 pm


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