QUESTION
If I am buying a car, will I lose it if I file chapter 7?
Asked on Jun 17th, 2013 on Bankruptcy - Colorado
More details to this question:
What is the amount we can make and qualify for a family of 3? We make about 6000 a year.
6 ANSWERS
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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It depends on many factors. Please understand that bankruptcy is a very complicated process. It is wise to talk to an experienced bankruptcy attorney before deciding to take this important step.
Answered on Jun 20th, 2013 at 7:14 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You can keep a vehicle with equity up to $3,000. You can check the bankruptcy court web site if you live in eastern Missouri. You can find the income cutoff for filing a Chapter 7.
Answered on Jun 17th, 2013 at 8:41 PM
Personal Injury Attorney serving Glendale, CA
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JT Legal Group
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If you buy a car, you will not lose it in a bk as long as you are current on it and continue to be. If it's an expensive car the Judge might not like that. To find out if Chapter 7 is right for you or if you qualify, etc, you should really talk to an expert in their office. So call and make an appointment.
Answered on Jun 17th, 2013 at 8:41 PM
Bankruptcy Attorney serving Henderson, NV
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Jeffrey A. Cogan Chartered, a PLLC
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No, but you will probably have to agree to pay the payments after the bankruptcy. I am presuming that your equity is less than $15, 000.
Answered on Jun 17th, 2013 at 8:40 PM
As long as you continuing making the car payments, you should be able to keep the vehicle even after filing bankruptcy although you may have to sign a new contract with the lender reaffirming the debt. If your budget shows that you have little or no money left after paying your necessary living expenses, you should be able to qualify to file bankruptcy Your gross income only reflects whether additional work needs to be performed to make you eligible to file Chapter 7.
Answered on Jun 17th, 2013 at 8:40 PM
Deborah F. Bowinski
You ate asking good questions but the answers will be specific to where you live, at least to some degree. You should consult with a local bankruptcy attorney.
Answered on Jun 17th, 2013 at 8:39 PM