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Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2820
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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My son is filing for Chapter 7 bankruptcy in Florida. Nearly

Customer Question

My son is filing for Chapter 7 bankruptcy in Florida. Nearly four years ago his car was repossessed. I went with him and paid to get it back. As i needed a car for work I took over the payments, and paid $400 a month for 36 months to pay it off. I have also paid the yearly registration, insurance and maintenance, and have documentation to support all. He has driven the car about twice a year since then.
Do I have equitable interest which would keep the car out of his estate?
I am not on the title.
Submitted: 3 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 3 years ago.

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

If you are on the title, then it is your car too. If it is not, then it is not your car. He would have to transfer an interest to you.

Terry L. :

Now, transfers just before filing can be deemed a preference, and the trustee can reverse it.

Terry L. :

The debtor can protect $1000 as a vehicle exemption in FL.

Terry L. :

There may be a personal property exemption too, of up to $4000 that can also be used in many cases.

Terry L. :

He should discuss the value of the car and the available exemptions he has with a local bankruptcy attorney to help him protect the assets he has.

Terry L. :

Most cars depreciate, and with the exemptions, most are usually not an issue in a chapter 7 case.

Terry L. :

Talk to a local attorney to best advise him how to protect these assets.

Terry L. :

Let me know if you have any other questions.

Terry L. :

Thanks and good luck.

Terry L. :

please click accept to close question and to give me credit for answering. thanks! Terry

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