Re: Can I do bk if I own a car that's worth around 9k?

Posted by LadynRed (199.91.33.254) on March 25, 2003 at 14:45:54:

In Reply to: Can I do bk if I own a car that's worth around 9k? posted by lulu on March 25, 2003 at 14:34:53:

Why not ? You file and claim ALL your debts. IF the EQUITY in the vehicle is ABOVE your state's exemptions, then you could lose it to the Trustee, but if its financed, its unlikely unless you owe more than its worth. Then the Trustee may not let you reaffirm the vehicle loan.

Do NOT transfer ANY assets to anyone else's name prior to filing for BK. Any property you transfer in that way for up to 1 YEAR prior to your filing can be seen as a fraudlent conveyance and your filing could be dismissed.

You include ALL your debts, including any your being sued for. Filing for bankruptcy will stop the lawsuit before it goes to judgment. If you file AFTER its reduced to judgment, the underlying debt that caused it is discharged, but you'd have to have a lawyer file additional paperwork to have the judgment vacated.

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