Me and my Fiancee may have to file either a proposal or bankruptcy. Our major concern is with our vehicle. If we filed bankruptcy is there anyway way we can keep our vehicle. The vehicle is the only way my fiancee can get to work (there is not bus routes close and it is too far to walk).
The problem is that our truck is worth 6,500 which I think is more than we are allowed to keep. Is there any way can keep this?
Does this change if we filed a Proposal instead of a bankruptcy?
posted by Questions @ 1:45 pm
At November 7, 2008 |
9:45 am
, Barton Goth, Trustee in Bankruptcy Said...
In most situations when people file a bankruptcy they are able to retain their vehicle, even if the vehicle is slightly more than the allowable exemption. The only trick is that to retain the vehicle when it is worth more than the exemption you have to pay into your trustee the difference between the value of the vehicle and the exemption (i.e. $6500-5000 = $1500). This is often referred to as re-purchasing the non-exempt equity.
The best thing to do is to contact a trustee and they will be able to help you make the necessary arrangements.
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