Car paid for

[floridabank]

Hello everyone,

I own my car out right. I will be going through a chapter 7 bankruptcy in the state of Florida.

Seems like my car is worth anywhere between 10 to 12 thousand.

I would really like to keep my car. It only has 45 thousand miles on it and it has been my baby for about 5 years.

Are their any exemptions or anything I can do to keep it? What are my options?

thanks in advance.

[SunshineGal]

Florida will use Nada retail value unless you get your car appraised by one of the Trustees approved appraiser. Ask your attorney who they recommend. We paid for the appraisal and it came in much lower than the ridiculous price on NADA.

If you don't own a home, you can use the $4,000 wild card exemption. Otherwise, you only get $1,000 for a car. Be prepared to surrender or negotiate a buy back with the trustee.