Hello, I would first like to say this forum has been a blessing! So much useful information here!
We are going to file bankruptcy soon, or at least my husband is. I am a homemaker with "no assets"--my name is not on any debt or the mortgage. We have one child at home. He will be filing on some credit card debt and medical bills. We own a home, which we are keeping, and three cars which we own outright. His income is approximately $32,000/year. We have not seen an attorney yet.
My question is about our cars. All three are between 15 and 20 years old, the new one being a 1995 pickup. The combined market value of all three is probably $4000 at the most. I realize that one can be kept, but will we be required to sell the other two? We live in a rural area--20 miles to town and my husband's work--and with older cars it's always in one's best interest to have a backup vehicle, especially since there is no other transportation available out here--no buses, cabs, etc. (Believe it or not, there was one time that all three were broken down at once--that totally stunk
)
I guess I am worried about the cars more than anything. It is not a good feeling to be out here with only one vehicle. While all three are fairly reliable, they ARE old and do break down from time to time.
Thank you in advance for any answers to my question.
We are going to file bankruptcy soon, or at least my husband is. I am a homemaker with "no assets"--my name is not on any debt or the mortgage. We have one child at home. He will be filing on some credit card debt and medical bills. We own a home, which we are keeping, and three cars which we own outright. His income is approximately $32,000/year. We have not seen an attorney yet.
My question is about our cars. All three are between 15 and 20 years old, the new one being a 1995 pickup. The combined market value of all three is probably $4000 at the most. I realize that one can be kept, but will we be required to sell the other two? We live in a rural area--20 miles to town and my husband's work--and with older cars it's always in one's best interest to have a backup vehicle, especially since there is no other transportation available out here--no buses, cabs, etc. (Believe it or not, there was one time that all three were broken down at once--that totally stunk
)I guess I am worried about the cars more than anything. It is not a good feeling to be out here with only one vehicle. While all three are fairly reliable, they ARE old and do break down from time to time.
Thank you in advance for any answers to my question.
Comment