Question What would be considered the status of this asset in a Chapter 7 BK?

[Friend2015]

Hi All!

My question is the following:

I am looking to file Chapter 7 BK in California. The only two assets I have left are:

#1 - My work truck that I use for my profession & have an auto loan that I am paying timely on. Value: $15,000 Loan Balance: $7,000
#2 - I have a 1/3 interest in a property in Las Vegas that is free and clear and I am on title as having a 33% ownership interest. I borrowed $100,000 to buy-into the 1/3 ownership interest in Yr:2006 and today (Yr:2015) the value of that interest is $50,000, if liquidated; I am still making interest only installment payments on the original $100,000 (buy-in monies) that I borrowed from my parents.

Are the above two subject to any exemption of BK Trustee forfeiture in the state of CA?
Are they assets that need to be listed?
How should the 2 items be treated?

Thanks in advance

Leon

[didi768]

You have 8,000 of equity then in the vehicle. You are only allowed up to 2,000 per vehicle. Being that the bank still owns it I'm not sure what will happen but my husband paid off his years ago and it's worth 6,000 now so being in FL he can only have 1,000 equity in a vehicle so the trustee would sell it unless he can buy it back.

[despritfreya]

Didi,

It appears that the original post is from February. I would imagine that OP figured out what he/she needed to do. If not maybe he/she will respond. I did miss this one back then and if he/she responds I am sure I will have a comment or two.

Des.

[justbroke]

didi, please don't re-open "old" posts. You keep doing this and it's against forum rules. Additionally, California has really good wildcard exemptions (under System II) so comparing to Florida exemptions are not that helpful.