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Andrea Ray
Andrea Ray, Attorney
Category: Bankruptcy Law
Satisfied Customers: 82
Experience:  Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11
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If I own & in title to two free and clear vehicles....worth

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If I own & in title to two free and clear vehicles....worth approximately...$23,000 and $6,000...and I file a personal Chpt 7 BK....would I be required to pay anything back on these vehicles to the courts?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Andrea Ray replied 8 years ago.
I believe that the trustee would want to take at least the more expensive car and sell it to satisfy your creditors. It appears you are only entitled to $2,000.00 for these cars $1,000 in any motor vehicle and a $1,000 "wild card" exemption in any personal property.) Even if you were to use federal exemptions I still think the trustee would be entitled to sell at least one of the cars to satisfy your creditors. Good luck. If my answer is helpful please accept. Thanks!
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