Ny Chapter 7 And Vehicles

[jjjcmjlr]

What is the name of your state? We are in serious financial trouble and researching Chapter 7 bankruptcy. We have a 2000 vehicle valued at 7400, another 2000 valued at 9200 and a 94 vehicle valued at 1800. We have 2 sons living at home 1 working, one attending college and both of us work. Would we lose the vehicles under NYS Bankruptcy law. None of them are secured by any loan and we are one car short now and if we lose another we are in trouble. Thanks for any help you can offer.

 

[AttorneyOney]

Talk to a NY bankruptcy attorney before you make any short-sighted plans. For example, if the kids are actually the primary users of some of your cars, selling the cars (to the kids) for their actual value in the private used-car market might allow you shelter the proceeds under some different exemption law. The key factor in any sort of exemption planning is to avoid making transfers that will look fraudulent to the eventual trustee, and you'll need an attorney's advice to do that.

 

[Ladynred]

Where are you getting the values for the vehicles ?? Don't use Kelly Bluebook, get a Blackbook quote. Still, if you own these ehicles outright, you'll still be beyond the equity exemption for vehicles in NY. Definitely do as AttorneyOney suggests.

 

[Who's Liable?]

NJ

If you are looking to prevent going into bankrupcy, I know of someone who may beable to help pay off that debt as long as you own a home. If you are interested you can contact me at avelasco@ncen.com and I can let you know more.

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