Hi - my name is XXXXX XXXXX X'X a Bankruptcy attorney here to assist you.
Do you yet know if you will be able to "exempt" (protect) the entire value of the car? In other words, do you know if you will have to surrender the car if you file a Bankruptcy?
The reason this is important is if you are able to keep the car the trustee will not be concerned about the lien. In fact, if you will be keeping the car, the trustee is unlikely to know about the lien.
In other words, it is possible to file a Bankruptcy with a car that still has a lien, even though nothing is owed to the lienholder.
I know that in Wisconsin 4000 of a vehicle is exempt and there is a 9k wildcard exemption, or thereabouts. Since I do not own anything besides the car I thought I could combine the 2 exemptions and keep the car, if that makes sense.
Great answer by the way!
I double checked and there is a 12k household exemption that I thought would enable me to keep the vehicle.
Yes - if you do not have to use any of that portion for other assets, then you can use the entire amount for your car.
Perfect. Thank you.
Which means it does not matter that there is a lien on the car, it does not matter that there is nothing owed for the car, and your parents do not have to find out about your Bankruptcy.
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