How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2815
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

Im considering filing for bankruptcy; as of now, Im $40,000

Resolved Question:

I'm considering filing for bankruptcy; as of now, I'm $40,000 in debt, have no income (no job, no unemployment) and no assets outside of my vehicle. My girlfriend has been paying all the household bills for the past 2 years - car payment, rent, electric, phone, cable, grocery bills, but she has recently lost her job and we've pretty much depleted all of her cash reserves. She does not own a vehicle. My vehicle is worth about $11,500 and I still own about $9,000 on the loan. If I file for bankruptcy, whats going to happen to my vehicle?
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 6 years ago.
In New York, there is a vehicle exemption of $2400 to protect equity in your vehicle. You can reaffirm the debt to let it survive bankruptcy so that you may keep the vehicle. Continue to make your payments timely and keep it insured. Thanks for your question, good luck to you.
Terry L. and other Bankruptcy Law Specialists are ready to help you

Related Bankruptcy Law Questions