QUESTION
Will I lose my car if I file for bankruptcy?
Asked on Mar 02nd, 2011 on Bankruptcy - California
More details to this question:
I'm wondering if by filing bankruptcy I will lose my car. It is paid off and not one of my debts.
5 ANSWERS
Bankruptcy & Debt Attorney serving Longmont, CO
at
William Edward Zurinskas
Update Your Profile
APPLIES TO CASES USING COLORADO EXEMPTIONS ONLY: Generally a debtor claiming Colorado exemptions will not lose their free and clear motor vehicle if the debtor's equity in the vehicle is $5000 or under. If the debtor is elderly or disabled a $10,000 exemption applies. In limited circumstances the aformentioned exemption amounts can be doubled.
Answered on Mar 06th, 2011 at 5:38 PM
William C. Gosnell
In every state you have a personal property exemptions. Hire a lawyer
Answered on Mar 04th, 2011 at 2:34 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
at
Zahn Law Office
Update Your Profile
Not necessarily. There are a number of exemptions for personal property that may allow you to keep your vehicle. I would be happy to discuss this further with you. Please contact me for a free consultation.
Answered on Mar 03rd, 2011 at 9:42 AM
Bankruptcy Attorney serving Hayward, CA
at
Carballo Law Offices
Update Your Profile
Rarely does anyone lose anything in bankruptcy. However, you don't say in your question whether it is a new Rolls Royce or an old Toyota. The correct answer is probably no but you would need to give an attorney information about all the property you own, including bank account balances, cash in your pocket, value of life insurance policies, works of art, lotto tickets that are winners, etc. to determine if there are enough exemptions to protect all of your property. You should really have a consultation with a bankruptcy attorney to evaluate your case before you file. You cannot get out after you file a Chapter 7 without court permission so make sure you know what you are doing before you do it.
Answered on Mar 03rd, 2011 at 9:42 AM
Consumer Bankruptcy Attorney serving Los Angeles, CA
at
Orantes Law Firm
Update Your Profile
Bankruptcy law allows Californian human beings to protect their assets by claiming them exempt under the exemption laws of California, which specify how much you can protect of a particular type of asset. Whether you can keep your car without any hassle depends on how much it is worth now (KBB or NADA may tell you). Once you know that, you will know if the car exemption, currently in the amount of $3,525 if you do not have equity in your house to protect, is sufficient to protect your car or you need to apply another law to protect it, such as the wildcard exemption for about $23,250. Getting this analysis right is enough reason to retain competent and experienced counsel.
Answered on Mar 03rd, 2011 at 9:41 AM