Question What about my car?

[Ready2BrkBad]

Long story short, I bought a 200k home 3 years ago when the market was up. Now 3 years later, my income has gone down from 60k to 40k from changing jobs and my girlfriend who was assisting with expenses, has moved out as well. My parents are going to help me keep the house (it's upside down so I have negative equity anyway) and have about 2k to my name. I've accumulated 66k in ccrd debt in trying to rob Peter to pay Paul and have basically reached critical mass. I have a pretty run of the mill bko I've been told and can reaffirm the house as it's still current and I have no equity in it. I do have a 2005 GMC Envoy though that I only owe 2-3k on though. Will I be able to reaffirm this debt and keep the car or will I need to surrender whatever equity I have in it. It's probably only worth 6-7k. Thanks!

[StartingOver08]

Where are you? Check your state's exemptions here: www.legalconsumer.com

It should tell you what is allowed for vehicle exemptions in your state and whether you have the option to use federal or state exemptions in your filing.

Also, the value of your Envoy is determined by whatever valuation method the Trustee uses in your district. Here in Fl, they use the NADA retail value. As you know, that value is too high in today's market. So, you can get an independent vehicle appraisal to make sure it is actual market - instead of reflecting an artifically high price. You only need to do this if the vehicle equity will not fit in your exemption allowance.