Chapter 7 Bankruptcy Online Class
I’m filing Chapter 7 Bankruptcy and I heard that if you have 2 cars you have give one up or something likedat
Please help it is too late to call my attorney and I have to complete my online Credit Counseling class but I’m scared because it’s asking me how many vehicles I have. I have two cars but they are POS’s one is a 95 GMC Jimmy and the other is 99toyota corolla…we are I’m filing with my husband it’s a joint bankrupcty…we don’t owe anything on the cars…..
The requirement to give up additional assets in Chapter 7 bankruptcy only applies if a person’s personal or real property equity exceeds a certain amount. You are eligible to claim standard exemptions on your personal property (including cars) and real property before you are forced to liquidate your property.
The software that we use to value your property through bankruptcy is available to all attorneys and the bankruptcy court throughout the United States. Your Corolla is worth approximately $1,500 depending on mileage and condition and your Jimmy is worth around $1,000. These values are far below even the lowest state’s exemption. Your attorney will be able to exempt this property.
In some cases even when the value of a car exceeds the exemption, the court will still allow you to exempt the property. This is usually true in cases of higher value on an older paid off vehicle that is someone’s primary source of transportation. In the case of a husband and wife with two separate jobs, children, etc. the need for two vehicles exists and the court is usually accommodating. Either way, you have nothing to worry about as the value of your cars does not exceed the exemption allowances afforded by the bankruptcy code.
You should complete your online credit counseling session as soon as possible. The credit counseling session wants to know how many vehicles you have so that it can take into consideration whether or not you have to rely on public transport. The online credit counseling session will build a budget for you if you have adequate income to pay your expenses. If no adequate income exists, you will usually be taken to a pre-bankruptcy credit counseling confirmation. Be sure to list your attorney’s identification number so that your certificate can be sent electronically to your attorney.
Best of luck!
Bankruptcy Attorneys – Winston-Salem, NC – Duncan Law, PLLC
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