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    tinabuhalova's Avatar
    tinabuhalova Posts: 2, Reputation: 1
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    #1

    Nov 5, 2008, 12:29 PM
    When I file for bancruptcy chapter 7 can they take my cars
    If I file for bancruptcy by chapter 7 can they take my car if it is paid off or any money in the bank example 10000.
    tinabuhalova's Avatar
    tinabuhalova Posts: 2, Reputation: 1
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    #2

    Nov 5, 2008, 12:30 PM
    Please answer
    slowandeasy's Avatar
    slowandeasy Posts: 353, Reputation: 14
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    #3

    Nov 5, 2008, 01:46 PM

    Hi T

    The bk laws are so complicated now. You should talk to a lawyer. You will have to disclose all of your finances like money in the bank etc. Each state has exemptons that you can use to keep your car etc. Everyone has to take a means test to see if they qualify for chapter 7 or 13 Talk to a lawyer.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Nov 5, 2008, 01:52 PM

    In a chapter 7 bankruptcy you are allowed certain exemptions, these vary by state, if you have have money over the exemptions or property valued at over the exemptions, yes they can force you to use the money or sell the car.

    ** and of course if you have 10,000 in the bank, one would think you should have been "paying" your bills, but also what is your debts, do you owe 20,000 or do you owe 340000 dollars.
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