Bankruptcy Information?
I am filling chapter 7 Bankruptcy and have an asset (my car), the value on it is more than what the South Carolina Law allows you to have. You are allowed to have $1,200 in possesion but my car is around $2,800. I cant change the title into someone else’s name, the trustee will find out, I cant put someone else’s name on the title with mine. What are other things I can do to avoid having my ONLY car taken from me, and avoid having to pay to keep it?
Anything?? HELP????
I dont know what value they use. What happens is that the trustee sends an apraiser and 3 dealers out and they say whatever they think they can get for it. And if I “Accidently” back it into a tree, Ive been through this all with my attorney, they will always think that it was done on purpose because it happens right before I file bankruptcy.
The Jeep is considered in Good Condition, it is a 1996 Jeep Cherokee Sport/Classic no dents, rust anything. 110,000 miles. 4WD, thats low miles for being 14 years old.
Sfuller94-
Thats what I was thinking. I am wondering how they are going to take your car when you need to go to work and pay your bills to have a place to stay. Yeah I saw that online today about Texa’s law on keeping cars. Wish it was like that In South Carolina
October 12th, 2008 at 5:57 pm
You could accidentally back into to a tree. A dented bumper is way more than $1000 damage.
I was being more facieses than anything. Sorry you having trouble. Damaging it would be unethical. Basically you’re stuck unless you can prove the value that the appraiser put on it was erroneous. Due to the shear number of bankruptcies these days, the folks who administer them are very good at what they do. In Texas, they let you keep at least one car. If you can’t get to work, how can you pay off the bankruptcy?
October 15th, 2008 at 7:09 pm
What value are you using? Kelley Blue Book retail in pristine condition or trade in value in fair condition?