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rvlaw
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.
Submitted: 6 years ago.
Category: Business Law
Expert:  rvlaw replied 6 years ago.

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.

Rich

Customer: replied 6 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.
Expert:  rvlaw replied 6 years ago.

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.

Rich

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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rvlaw
rvlaw
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NYC Trial Attorney 30+ years; Law professor ; BUSINESS LAW; CONTRACTS; TORTS; Arbitrator