Re: BK and Car Value

Posted by LadynRed (199.91.33.254) on July 02, 2003 at 13:05:08:

In Reply to: BK and Car Value posted by lynn on July 02, 2003 at 11:43:18:

You can't NOT include the car in your bankruptcy. You MUST include ALL debts. However, if you want to keep the car, then you can reaffirm the loan, keep paying and keep it. OR, you can NOT reaffirm, keep paying on it and keep it. The difference is by NOT reaffirming, if you find you don't want to keep it or can't make the payments, you give it back to the bank and you would have ZERO liability for any deficiency left owing.

You don't use Bluebook value, you use BLACKBOOK value, then you SUBTRACT 30% from that number.
Either way, you have NO EQUITY if you're that upside down on it. So, the exemption, 2,000 in VA, would most certainly cover the vehicle in this case.

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