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New Here - Question on Assets

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    New Here - Question on Assets

    We're seeing a bk lawyer Wednesday to get info about filing. I think we qualify for a chapter 7 due to being a family of 4 with 70,000 in credit card debt and an income of less than 90,000 a year.

    The question I have is about the assets. We rent, don't really own anything good except my wedding and engagement rings, a big screen tv and a restored car that DH and DS have been working on for 6 years.

    The car is not registered and has no title so my question is, is it an asset we have to mention? It would be worth around $15,000 if it were running but right now the engine is out of it.

    DH is scared to death to file because this is his and DS's baby.

    Thanks everyone.

    #2
    You have an interesting situation. You have an asset that may not be yours. How old is your Son? I'm assuming it's the son's car anyhow, so it wouldn't be yours to include on your petition.

    That amount of value $15K or even $12K (without engine) would be difficult to cover with exemptions (unless you're in California, have no home, use System 2, and don't have much else to protect).

    You should get a few consultations with BK attorneys and be sure to mention this situation. I noticed that you never really said who the car belongs to. You'll need to figure this out.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      Please be very careful when you are setting the value of any asset you may own. Most of us think our 'stuff' is worth more than it actually is in the current market.

      If the car is yours (you or your husband's), please find out what the current market value would be without the engine on a quick sale basis. You may find the car has very little value, which in the case of BK is helpful when working with the auto exemptions allowed in your state.
      Filed CH 7 9/30/2008
      Discharged Jan 5, 2009! Closed Jan 18, 2009

      I am not an attorney. None of my advice is legal advice in any way..

      Comment

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