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Financial Planning / Living Under Bankruptcy


Subject:  Re: BK7, What about my car? I need it! Date:  10/10/2001  2:38 PM
Author:  Ciscokidnmemphis Number:  948 of 1260


Depends on your state allowance. Also it helps to know whether you own a home or not. Anyway, some states let you keep a certain amount of property value free of the BK liquidation (will include home and other valuables). You will have to decide whether its worth to keep the car vs. other property. Although for the looks of it, you very well could sell the car to pay it off, and pocket the $4,000 difference BEFORE you go BK, buy a cheap/reliable car with that money. (Unless of course you need the car as part of your job (e.g. sales, installations, etc...) Or if the car payments are being taken care of in time, you might be able to clear it out of BK.

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