Filing Ch.7 bankruptcy with 2 vehicles
Date: Tue, 04/21/2009 - 09:14
My wife and I have a vehicle each. The problem is my truck is in my name and is paid off. The car she drives is being financed in my name so essentially I have two vehicles and she has none.
We live in NC and as I understand the court allows you to have 1 car per adult in the family. What I'm not sure about is if they will see it differently since my name is on both vehicles.
Please advise with any information you may have. thanks in advance!
We live in NC and as I understand the court allows you to have 1 car per adult in the family. What I'm not sure about is if they will see it differently since my name is on both vehicles.
Please advise with any information you may have. thanks in advance!
The paid off vehicle you will be able to claim as exempt (provid
The paid off vehicle you will be able to claim as exempt (provided it doesn't have any significant value to it). There's your 1 vehicle.
The other one, since it's not paid off, you will simply file a reaffirmation agreement with that creditor and keep making payments for it.
The issue most likely will not come up in court. If it does, just explain it the same way you did above.
What if it does exceed the state exemption. NC exemption is $35
What if it does exceed the state exemption. NC exemption is $3500 however the value my truck is worth retail from NADA exceeds $7,000 even though I only paid $5,000 for it this year.
hopefully the lawyer can work this out somehow in order for us to keep two vehicles but it is a concern of mine.
