if you own a car that is paid off and has equity

[jman]

If I own a car that has 14k in equity and its free of any loans and liens- and i am filing for chapter 7 next week is there anyway i will be able to keep my car or is the trustee defenitly going to take it from me???? Please help answer this for me because i am freaking out about it

[ValleYum]

You can keep your equity in a vehicle up to the point you can exempt it. NY now allows the use of the Federal BK exemptions which are generous for those that have equity and cash on hand but no homestead to protect.

Federal BK exemptions can be doubled.

http://www.bkforum.com/wiki/Federal_Exemptions

You really need to go over the things you are "freaking out about" with your attorney. Only they know the full details about your case.

[AngelinaCat]

Also your attorney is the one most knowledgable about the rules and 'quirks' of your particular district and trustee.

[NoMoreCards]

If I own a car that has 14k in equity and its free of any loans and liens- and i am filing for chapter 7 next week is there anyway i will be able to keep my car or is the trustee defenitly going to take it from me???? Please help answer this for me because i am freaking out about it

Here is the link to your other thread, in case you couldn't find it. http://www.bkforum.com/showthread.ph...k-after-filing

I just read another thread of yours where you state you have a lawyer. You really might want to direct this question to him/her as you need to ask about the above check anyhow. I however doubt you will walk away from your BK with the check you referenced above AND your 14K in equity for your car. You attorney would have the best information as to your specific district.

All the best

[Pandora]

agree with the others - if you have an attorney - he/she isnt doing a very good job of explaining to you how all of this works; either that or they have explained it and you simply are doing otherwise.

You have 2 choices with your car: 1. you exempt the amount allowed and the trustee sells the car, giving you the exemption amount from the sale... or 2. instead of selling the car, the trustee makes you buy it back, minus the exemption amount.

Either way - the trustee will have a hand in the car.

What I'm confused about is in an earlier post you stated you have 2 cars - both having no equity and owing $15-17K on each, respectively. So - question is - is this one of those cars and was the car paid for recently in full? If so, thats an entire can of worms in itself.

[newbie2]

If I own a car that has 14k in equity and its free of any loans and liens- and i am filing for chapter 7 next week is there anyway i will be able to keep my car or is the trustee defenitly going to take it from me???? Please help answer this for me because i am freaking out about it

Jman, you wrote this in an earlier thread: " i know this is a stupid question but im new to this so please bare with me. I am filing next week and i am reaffirming both cars i have. One is worth 16k and i owe 17k on it. the other one is worth 16k and i owe 15k on it. I get to keep both of these cars because i am reaffirming them - right???? If i have to worry about them coming to get my cars then i might 2nd guess filing. Please help me understand this better "

Don't take that $15,000 check and pay off one of these cars without talking to your attorney. Your last couple of questions all lead to trying to find a way to hang on to that $15.000 and while it is understandble, it's time to realize that filing for bankruptcy isn't a "free" ride. If you listen to nothing else anyone has said please listen to this: Do not file if you can't be comnpletely honest in your petition. You will regret it.

[helpmeout]

If I own a car that has 14k in equity and its free of any loans and liens- and i am filing for chapter 7 next week is there anyway i will be able to keep my car or is the trustee defenitly going to take it from me???? Please help answer this for me because i am freaking out about it

Are you for real? You keep coming up with scenarios so that you can keep non-exempt assets. One thread, it's a $15K check. This thread, it's a paid for car that you previously stated had negetaive equity.

If you are planning on taking the $15K check and paying off one of the car loans, you will still be an asset case. You will have just traded the type of asset. And to keep the car, you will have to pay the Trustee the equity in the car.

That is, if the Trustee doesn't go after the lender for the $15K payment and then in order to keep the car, you will have to pay the lender. They can do that.

You really should discuss with your attorney all of these attempts at hiding assets (because that is what you are doing) with your attorney BEFORE you file for BK. Oh, and be sure that you fully disclose to your attorney ALL debt you owe (including to friends) AND ALL money owed to you (even if by friends) so that your attorney can fix your petition, because I have a feeling that you didn't tell your attorney about the $15K owed to you.

[AngelinaCatHub]

If I own a car that has 14k in equity and its free of any loans and liens- and i am filing for chapter 7 next week is there anyway i will be able to keep my car or is the trustee defenitly going to take it from me???? Please help answer this for me because i am freaking out about it

I've read all this tripe about this OP's 15K check and now a 14K car asset. I think this person is attempting to work the system with our help. I have PMed a Mod to keep an eye on him/her.

We on this Forum, DO NOT aid and abet attempts at FRAUD. It's been tried here before. 'Hub

EDIT: This question is commonly asked, but in the fact it is actually the same question worded differently a multiple times, in lieu of a check, the asset becomes a car. I don't believe it, whether he paid off one asset with another is still FRAUD. He is NOT legit.

[Flamingo]

This thread has run its course and has been closed.