If I recently filed Chapter 7 pro se bankruptcy court, what can I do about exempt property?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
If I recently filed Chapter 7 pro se bankruptcy court, what can I do about exempt property?
My state statute says that a vehicle up to $3000 is exempt; my blue book value is $2125.00. I owe a mechanic $800 and a title loan of $1039. So would this be considered exempt and will I get to keep the car or will the title loan reposess it? Will I have to reaffirm the debt? The title loan interest rates are outrageous and I have paid over the last 13 months more that I recieved for the loan. I’m confused by the law and just needed some help.
Asked on February 18, 2013 under Bankruptcy Law, Missouri
Answers:
FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney
Answered 11 years ago | Contributor
The creditors with respect to the vehicle unless they are secured would be able to not be paid in the matter that you have written about where such debts would be discharged and you would be able to retain your vehicle free and clear since it is worth less thn the $3,000 per bankruptcy rules and regulations. The $800 debt would be discharged as to the mechanic. If the loan is secured for the car, you would have to reaffirm it if you want to keep it.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.