Is there ANY way to keep my $14K car w/$3K car exemption?

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[Danielle1981]

Yeah you'll probably have to pay the trustee to keep it though.

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[Danielle1981]

Yeah they only way he'll let you keep it is to pay the difference to him for the value of the car.

[FilingOnMyOwn]

This is off the subject, but if you don't mind me asking, what do you do for a living? It seems 200k in student loans would buy one hell of a degree... have you graduated in your field of study? I'd just hate to see you file bk and lose your car to have only 25-30% of your debt discharged. Any chance a high paying job in your near future (within a year or two) ?

[LostOne0069]

And if you can give him $11k to keep the car he's going to look at your finances under a microscope to find out why you can afford this but not to do a chapter 13.... since $11k is more than the minimum necessary over a 5 year period in a chapter 13.

I'd say you're screwed unless you do a 13... or, sell the car and wait a year before filing bk.

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[SinkingFast]

I don't mean to be rude, but,............

$10K in Vet bills??!! That animal better be breeding stock for income purposes. Or a prize winning show dog.

Many people here have had their pet expenses completely whacked out of their budget by Trustees. And we're talking $35/mo total for food and vet bills.

I love my cat, but when the Vet wanted to do a $700 surgery 15 years ago, I had small kids to think about and said NO. I did everything I could to nurse him back to health. Luckily it worked. But there was no way I was gonna spend that kind of money on medical for a pet when one of our children may need those resources.

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[anonymuse]

Yes! It's called Chapter 13!

I guess he's in that "Catch-22" situation if he can't afford to be in a Ch 13.

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[SinkingFast]

I do not have $11K, which is why I made this post. I'm wondering if it might be possible to pay for the difference in installments...in a monthly payment plan. Anyone ever here of this or know if it is possible?

Generally speaking, your vehicle isn't gonna bring full price and the Trustee knows it. They hire someone to quick sale it at auction. Trustee's spend about 10% of the proceeds to the people they hire to sell siezed property.

Then, out of the proceeds from your vehicle, you're the first one to get paid. You'll get your $3K Exemption before the Trustee can touch a penny of the rest.

Knowing he/she won't get full price, has to pay the filer their exemption, and has costs to sell, Trustees very often offer up to settle. So instead of having to pay $11K, the Trustee may offer to settle with you for $6K instead. Lump sum. Maybe 2-3 payments. That's it. The Trustee will be paid in full before you get discharged.

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