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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17217
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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In the state of Nevada, how does the court treat your personal

Resolved Question:

In the state of Nevada, how does the court treat your personal vehicle which has a loan of approximately $12,000 and is probably worth 10,000. Payments are $300 per month plus insurance and maintenance. It is my only mean of transportation. Payments are current.
Submitted: 6 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 6 years ago.

WALLSTREETESQ :

Hello I am a licensed attorney here to help you with your question, please review my response and do not hesitate to ask for clarificati on.

WALLSTREETESQ :

You will have to reaffirm the vehicle, and if the trustee understands that the car is your only option to travel, and that the insurance and car payment in not unusual, for someone in your financial situation their will be no issue.

WALLSTREETESQ :

Since their is no equity in the vehicle, the trustee will not force you to give it back to the creditor, as then you would have to discarge the $2000.00 extra amount owned as well.

WALLSTREETESQ :

You will have no issue, unless you have no source of income to actually pay the $300-$500 per months required for the vehicle, and insurance etc.

WALLSTREETESQ :

If you have any further questions or want me to clarify, please do not hesitate to ask.

WALLSTREETESQ :

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