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getting a loan againt my truck before I file bk

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    getting a loan againt my truck before I file bk

    I have a truck that I only have 1,800 left to pay and Kelly Blue book says it is woth 18,500 so the bk trustee will take it since it has more than $5000 in equity.
    I really wanted to keep my truck.
    Someone said get a equity loan for 14,000 that way they can't take it.
    can this be done or will there be problems when I go to file bk?

    #2
    The problem is, then what do you do with the cash?

    It is too hard to answer your question because there is not enough information, your options for your truck really depend on your overall circumstances. If you really have that much equity, you could sell and possibly settle your debt, or perhaps you use it for business and maybe another exemption applies. There are myriad of options, but which one will depend on your specific scenario.

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