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will they take my car?
- Thread starter suzguy
- Start date
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Okay, lets play your 'game'......suzguy said:
Lets assume you are REALLY asking about a bankruptcy filing in the state of Arkansas. And lets further assume that someone has a car worth $7000. And lets even further assume that this person has filed a chapter 7 bankruptcy. Okay, with me so far??
If all the above were correct... yes, the Trustee would expect you to sell or make up the difference between the $7000 value and the state allowed exemption for a motor vehicle. BTW, the Arkansas allowed exemption (per 16-66-218) for a car is $1200.
And people wonder why my posts sometimes sound pissed off or frustrated!!!
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not knowing circumstances
I am not playing a game. I paid cash for this vehicle years ago when life was going great.. but then Cancer struck and so did all the medical bills associated and I gave up a business and everything but that vehicle.. just wanted to know if they could take it as well.
I hope you will consider that when you respond to questions that there could be a real reason people need to ask them.
I am not playing a game. I paid cash for this vehicle years ago when life was going great.. but then Cancer struck and so did all the medical bills associated and I gave up a business and everything but that vehicle.. just wanted to know if they could take it as well.
I hope you will consider that when you respond to questions that there could be a real reason people need to ask them.
Are you certain of the $7,000 value ? Where did you come up with that number ?? You should at least go to a couple of car dealers in your area and get a trade-in value on it. It may not be worth what you think it is. If it needs any repairs, you would deduct those costs from the value.
Since you likey can't exempt the entire amount with only at $1,200 exemption, you will either have to let the Trustee take it, or you can redeem it by paying the Trustee the difference as JetX stated. If you can't come up with that cash, there is a company called 722Redemption that makes loans to people in Bankrutpcy specifically for this purpose.
Since you likey can't exempt the entire amount with only at $1,200 exemption, you will either have to let the Trustee take it, or you can redeem it by paying the Trustee the difference as JetX stated. If you can't come up with that cash, there is a company called 722Redemption that makes loans to people in Bankrutpcy specifically for this purpose.