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rvlaw, Attorney
Category: Business Law
Satisfied Customers: 8386
Experience:  NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator
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THIS IS FOR RVLAW I am going to file a chapter

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"THIS IS FOR RVLAW" I am going to file a chapter 13 bankruptcy but my vehicle is too new and the value is way over the limit allowed, also I have some jewelery that I owe about $8000.00 on but was told by another jeweler that the whole lot is valued about $1600.00, I would like to keep the jewelery but do not know if I can, my question on the vehicle is, can I sell it and buy another more in line with the limits set and use the extra cash to pay off some bills.and what can I do about keeping the jewelery which includes wedding rings for myself and my wife.

Hi and welcome,

I'm afraid that any attempt to divest yourself of assets/value beyond the maximum allowed.and favoring some creditors over others will be voided by the bankruptcy court. Jewelry is subject to the maximum allowable and would be valued by a jeweler appointed or approved by the trustee in bankruptcy. That value will be included in the bankruptcy estate.


Customer: replied 8 years ago.
well what I was thinking about is the fact that I do not have enough money to pay the lawyer, my thoughts were if I sold the vehicle and bought something cheaper and more in line with the allowable limits and use to balance to pay the lawyer would that not be permissible.

If you need the money for an attorney, fine. But anything above the price of the cheaper car + the legal fee would have to be included in your list of assets.


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