Wed 6 Apr, 2011 10:46 am
Can I co- own a car worth 15000.00 if I file for bankrupsey
 
shewolfnm
 
  2  
Wed 6 Apr, 2011 10:48 am
those kinds of questions can not really be answered individually. Your lawyer will be the best person to tell you how to go about keeping the car while you file.
There may be things you can do to keep it, BUT... that depends on how much you owe, what type of bankruptcy you are filing and a few other factors.
There is no set in stone rule that you can keep anything unfortunately. It is all situational.
0 Replies
 
Joe Nation
 
  1  
Wed 6 Apr, 2011 11:15 am
It also depends upon what State you file in.
Where are you?
Joe(best of luck)Nation
0 Replies
 
Fido
 
  1  
Wed 6 Apr, 2011 11:40 am
@Teresamp,
Teresamp wrote:

Can I co- own a car worth 15000.00 if I file for bankrupsey
what are you filing for; because most people do not file in order to protect chicken feed like a 15 hundred dollar car...
0 Replies
 
ABE5177
 
  3  
Wed 6 Apr, 2011 03:20 pm
@Teresamp,
the car is worth 15 thou and you own half of it but is it paid up?

here yoo go
"The Bankruptcy Code exemption for a car or automobile is $3,225. The equity in your car is based on the car's market value, less any loans against it. If your equity is more than $3,225, it's possible that you could apply exemption amounts from other categories, such as the exemption for tools of the trade. If the trustee sells it, you're entitled to receive the exemption amount. Finally, it's possible to pay the trustee the amount above the exemption and keep the vehicle. "
http://bankruptcy.lawyers.com/Bankruptcy-Basics/Property-Exemptions-in-Bankruptcy.html

0 Replies
 
 

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