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FiveStarLaw
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Category: Bankruptcy Law
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Experience:  Bankruptcy Lawyer. Experienced.
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I am going to file Chapter 7 bankruptcy after my recent divorce.

Resolved Question:

I am going to file Chapter 7 bankruptcy after my recent divorce. I own one vehicle that is valued at $14K but I only owe $5K. Is there anyway I can protect my vehicle from being taken by the trustee since I have more than $K in equity?
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  FiveStarLaw replied 1 year ago.

FiveStarLaw :

Hello,

Thank you for your question. My name is XXXXX XXXXX I will do whatever I can to answer your questions!

FiveStarLaw :

In Arizona a chapter 7 debtor is entitled to an exemption of $5000 in a motor vehicle. Since you owe $1000, this means that you were over exemption by $8000.

FiveStarLaw :

Typically when a debtor is over exemption, the bankruptcy trustee will allow the debtor to purchase the over exemption. In other words, the trustee may allow you to pay $8000 in order to retain your vehicle

FiveStarLaw :

most trustees will allow a payment plan

Expert:  FiveStarLaw replied 1 year ago.

Hello,

Thank you for your question. My name is XXXXX XXXXX I will do whatever I can to answer your questions!

Typically when a debtor is over exemption, the bankruptcy trustee will allow the debtor to purchase the over exemption. In other words, the trustee may allow you to pay $8000 in order to retain your vehicle. Most trustees will allow a payment plan


I would be glad to respond to any follow-up questions that you may have.
FiveStarLaw, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36470
Experience: Bankruptcy Lawyer. Experienced.
FiveStarLaw and 3 other Bankruptcy Law Specialists are ready to help you

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