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WALLSTREETESQ
WALLSTREETESQ, Attorney
Category: Bankruptcy Law
Satisfied Customers: 17223
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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I am considering filing bancruptcy, however I want to be able

Resolved Question:

I am considering filing bancruptcy, however I want to be able to keep my vehicle (which I am still paying on). I went through a nasty divorce and am unemployed survivng solely on alimony and childsupoort. What is my best course of action
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  WALLSTREETESQ replied 5 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 clarification

WALLSTREETESQ :

Does the car have any equity?

WALLSTREETESQ :

Is it financed or leased?

WALLSTREETESQ :

Personal Property


60-2304 - Motor vehicle up to $20,000 (no limit if equipped or designed for a disabled person); clothing to last 1 year; household equipment and furnishings; food and fuel to last 1 year; jewelry and articles of adornment up to $1,000; burial plot.

WALLSTREETESQ :

Under the law in Kansas, the law allows you to exempt up to $20,000 worth of equity in your personal vehicle,

WALLSTREETESQ :

so if the car is worth less then $20,000 you can file a chapter 7, and continue to make payments and keep the car.

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit

Customer:

ok, thank you. The vehicle is worth probably 11,000. I owe 6000 on it still. I was a stay-st-home mom when the divorce took place, and I was putting myself through school. I still have not found work that would allow me to have a disposable income over daycare for my two small children. I have no real assets, the home my husband and i shared was only in his name and has since gone into foreclosure.

Customer:

Can I follow the steps to file bankruptcy without an attorney sinc I can not afford one?

WALLSTREETESQ :

Their is $5000 in equity, so under the rules in Kansas, you will have no issue in keeping the car

WALLSTREETESQ :

You can do this, I would suggest using a paralegal service or online petition service,

Customer:

Great, thats what I was worried about, it is my only form of transportation for 4 children

WALLSTREETESQ :

they will charge $200 or less the complete a basic chapter 7 petition,

WALLSTREETESQ :

You can find these services online,

WALLSTREETESQ :

legazoom is a good one and their are many others as well.

WALLSTREETESQ :

Doing it yourself, is difficult and time consuming, but it can be done

Customer:

Another question I have is that many of my original debts have been sold, again and again. When I file, do I file to include the original creditor?

WALLSTREETESQ :

you would list all the creditors if possible the original and new collection agency or creditor, so their is no issue

Customer:

I dont mind doing the work, it;s the cost that I am concerned about. Ok so if I file and include all the known debt collectors, what happens if it is since been sold, once again. Does the bankruptcy cover it as well?

WALLSTREETESQ :

it will cover it, but it is best to now run a credit report and copy the creditors listed their,

Customer:

ok thank you so much. One final question, I am remarrying and I want to know if my bankruptcy will affect my new husband at all

WALLSTREETESQ :

you can look at the link above, which is a complete sample of a completed chapter 7

WALLSTREETESQ :

You should file before you are remarried, as if you are married, his income will be part of your bankruptcy petition,

Customer:

Will they be able to take his paycheck?

WALLSTREETESQ :

no, his credit is not an issue, not will he be liable,

Customer:

Thank you so much! You've been great help.

WALLSTREETESQ :

good luck,

Customer:

thank you, XXXXX XXXXX need it!

WALLSTREETESQ :

his income will only be an issue in your chapter 7, as they go by household income,

WALLSTREETESQ :

and if he has significant income, it may stop you from filing a chapter 7

WALLSTREETESQ :

If you have any further questions please do not hesitate to ask

WALLSTREETESQ :

If satisfied please press the accept button so we can receive credit

Customer:

oh he's enlisted military. He does not make a great deal of money....sadly.

Customer:

Thanks again! I will look for you again if I have more questions

WALLSTREETESQ :

that is fine then

WALLSTREETESQ and other Bankruptcy Law Specialists are ready to help you