QUESTION
Can a bankruptcy take a car if its already paid off?
Asked on Jul 16th, 2013 on Bankruptcy - Missouri
12 ANSWERS
A bankruptcy trustee can take a vehicle if it isn't eligible for an exemption under local laws. In Nevada, the vehicle exemption is $15,000 for one vehicle only,
Answered on Jul 18th, 2013 at 6:55 AM
Chapter 7 Bankruptcy Attorney serving Appleton, WI
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Sisson & Kachinsky Law Offices
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Possibly. ?However hopefully a good atty can exempt it.
Answered on Jul 18th, 2013 at 6:54 AM
Bankruptcy Chapter 7 Attorney serving Boston, MA
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Conner Law Offices
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That question requires more information to answer. Generally, you can keep your car unless you don't want to. What matters is how much of your automobile or wild card exemption you have to cover the car and what your equity in the car is. So if you own it, the current resale value is your equity. Meeting with a lawyer could give you a better, more personalized answer. Bankruptcy consultations are generally free.
Answered on Jul 18th, 2013 at 6:22 AM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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This question depends on how many cars you have, your relevant state exemptions, and the value of the car in question. Visit with your attorney.
Answered on Jul 18th, 2013 at 6:22 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on the value of the car and the exemptions permitted in the state where you live, or lived in the 2 years prior to filing the bankruptcy. The exemption laws are very complex if you moved in the last 2 years.
Answered on Jul 17th, 2013 at 1:08 PM
Deborah F. Bowinski
It depends upon the value I the car and how much equity you are allowed to protect under the exemptions for the state in which you live. If your car is worth more than you are permitted to protect or, if you do not properly claim the exemptions to which you are entitled, your bankruptcy trustee can require the turnover of the vehicle for sale. With what is at risk it makes sense to consult with and retain an experienced attorney to assist you through the bankruptcy process.
Answered on Jul 17th, 2013 at 10:48 AM
Bankruptcy Attorney serving Walnut Creek, CA
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Alan E. Ramos Law Offices
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If you file a Chapter 7 in California, you can exempt the value of your car up to $30,675.00 using the CCP Section 703 exemptions (using the $5,100. Vehicle exemption, plus the $25,575 Wild Card Exemption) or up to $2,900 using the CCP Section 704 exemptions (no Wild Card). If your car exceeds the value of the exemptions available to you, the trustee can sell the vehicle and pay you the value of your exemption or sell the car to you for the non-exempt amount (less a negotiated discount). In Chapter 13, you would be able to keep the vehicle because the minimum plan payment would include the value of all non-exempt assets.
Answered on Jul 17th, 2013 at 10:47 AM
General Law Attorney serving Cherry Hill, NJ
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Mark S. Cherry, Attorney at Law, PC
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There are exemptions for car and other "wildcard" items. If the vehicle is not exempt and has value, then the trustee has the right to take the car to sell it for the benefit of the creditors
Answered on Jul 17th, 2013 at 10:47 AM
Bankruptcy Attorney serving Plantation, FL
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Moffa & Breuer, PLLC
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There are certain exemptions people are entitled to take in a bankruptcy case. If one exceeds the amount of property which could be claimed as exempt, the person or people could lose the equity in other assets in a chapter 7 case to the trustee or need to repurchase the equity in the property from the Trustee in a Chapter 7 case or pay at least that amount to the Trustee in a Chapter 13 case. So, it is possible to lose the vehicle to a Chapter 7 Trustee in a Chapter 7 case.
Answered on Jul 17th, 2013 at 10:47 AM
Bankruptcy Law Attorney serving Livingston, NJ
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Law Office of Stuart M. Nachbar, P.C.
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It is an asset of the estate. Depending on what State you reside in, there are exemptions (State and Federal) which you can use to protect the paid for vehicle. Seek out good counsel.
Answered on Jul 17th, 2013 at 10:47 AM
If the value of your vehicle exceeds the amount of available exemptions, the difference will be part of the estate and you will have to hand over the vehicle to the trustee for him/her to liquidate the same or enter into a buy back agreement with the trustee in order to retain the vehicle. Each district had different rules and exemptions vary by state, therefore it is important that you consult with an attorney admitted to and practicing law in the state and district where you live.
Answered on Jul 17th, 2013 at 10:47 AM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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Yes. You can keep a car worth up to $3,000.
Answered on Jul 17th, 2013 at 10:46 AM