Hi - my name is XXXXX XXXXX I'm a Bankruptcy attorney here to assist you.
1) Has your daughter lived in Illinois continuously for the past 2 years?
2) Is there a loan for the van? If so, what is the balance owed for the loan?
Yes she has lived in Illinois all her life. Born in Illinois.
Thank you for your response.
Is there any money owed for the van, or was it purchased outright?
Yes they bought the Van brand new for $32,000 and they still owe around the same. They got a loan for the full amount
Thank you again.
Since the van has little or no equity - because they owe close to what it is worth - your daughter would be able to keep the van if she files a Bankruptcy.
Ya right now the payments are $592.00 a month for 7 years
As long as she continues to make the payments, she will be able to keep the van.
Filing a Bankruptcy may make it easier for her to pay for the van - because she will no longer have to pay certain other debts - such as credit cards bills.
Oh I see. That's the problem. She can't afford to make the payments on her own. He also has rent, utilities, food, insurance ect...
Unfortunately, if she cannot afford to pay for the van, then she will not be able to keep it - whether or not she files a Bankruptcy.
That's a bummer. She need a car.
She will have to get a less expensive car if she cannot afford the payments for the van.
I will pass this one to her. I appreciate your time. I just thought she would be able to keep the van and not have to make payments on it with a bankruptcy.
DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.
The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).