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One car is worth about 2900, I have a car repair estimate of about 1300 that is wrong with it. The other car was recently appraised between 800-1,000 dollars. Has anyone who filed ch 7 been able to keep both cars? They have no liens on them. My second car is a camaro, it hasn't been restored and needs alot work, but I bought it in 2004 when gas prices were much lower. I have been struggling with paying my credit cards for about a yr now, I make less than what my minium due's are, and have been transfering balances in order to pay them. Every cent of my pay went for cc payments, then I'd have to buy food, gas, etc on credit. It was a vicious circle. Any advice would be greatly appreciated. Also should I tell my lawyer about the car repair estimate? Thank you.




If you already have a lawyer then I think you should tell him about all your expenses otherwise he'll not be able to solve the problem.

As your situation is very poor, as per your post, then you can go for bankruptcy, but it can ruin your credit report. So, before plunging, please also go through other debt solutions mainly debt settlement.

Sub: #1 posted on Thu, 08/21/2008 - 12:26

phoenix phoenix
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(Posts: 1445 | Credits: 275.44)

Are there two working members of your family that depend on the vehicles for transportation to and from work? If I were you, I would consult my Attorney about it, you have to list the value of any vehicles in your household when you file BK.

Sub: #2 posted on Sun, 08/24/2008 - 23:17

Shazzers Shazzers
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(Posts: 17342 | Credits: 1592.88)

Whether you can keep the vehicles or not depends on the exemptions that are allowed in your state and the value of the vehicles. Each state has their own set or exemptions, and some states also allow you to use federal exemptions. Basically, the exemptions tell you what the allowed value is of items that you can keep. Even if your exemptions only allow you to keep one vehicle, there may be a wildcard exemption that allows you to use it for whatever you want (including a second vehicle).

Yes, I would definitely tell your attorney about the repair estimate, because you can probably use that to lower the value of your vehicle. Our attorney told us that when valuing used vehicles, the value that they usually look at would be the "private party" blue book value.

I'm not a lawyer and I don't know what your state exemptions are, but my guess is that you would probably be able to keep both cars unless you have other property that you also want to keep. The values are pretty low on both of them, so it's likely that you will have available exemptions enough to cover them.

Good luck!

Sub: #3 posted on Mon, 08/25/2008 - 02:09

alias1958 alias1958

(Posts: 1230 | Credits: 79.88)

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