Re: more questions about BK

Posted by LadynRed (199.91.33.254) on April 20, 2004 at 14:57:10:

In Reply to: more questions about BK posted by Robert K on April 20, 2004 at 14:34:12:

If you see a BK lawyer tomorrow, it'll take a couple of weeks (depending on work load) to get your paperwork done. Many lawyers file BKs in batches on a regular basis, so ask the attorney when he/she does that. Once you file, you should have your 341 meeting within 45 days and 60 days after that you should have your discharge (barring any complications).

You car - do NOT go by KBB value. You need to use the trade-in value and then knock another 10-15% off of that price because that's all a Trustee would get in a quick-sale situation. The $1700 exemption goes to EQUITY in the vehicle. Is it still financed ?

What state are you in ? You may have other exemptions you can apply to save the vehicle if necesssary. Do NOT sell the car before you file. ANY transfer of property prior to filing can and likely will be seen as a fraudulent transfer of assets and you don't want that. There's also the option of redemption - where you buy out the vehcile to keep it.

Follow Ups:

Post a Followup