How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Andrea Ray Your Own Question
Andrea Ray
Andrea Ray, Attorney
Category: Bankruptcy Law
Satisfied Customers: 82
Experience:  Over 5 years experience in consumer and commercial bankruptcy law, Chapters 7 13 and 11
Type Your Bankruptcy Law Question Here...
Andrea Ray is online now
A new question is answered every 9 seconds

If I own & in title to two free and clear vehicles....worth

Resolved Question:

If I own & in title to two free and clear vehicles....worth approximately...$23,000 and $6,000...and I file a personal Chpt 7 BK....would I be required to pay anything back on these vehicles to the courts?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Andrea Ray replied 8 years ago.
I believe that the trustee would want to take at least the more expensive car and sell it to satisfy your creditors. It appears you are only entitled to $2,000.00 for these cars $1,000 in any motor vehicle and a $1,000 "wild card" exemption in any personal property.) Even if you were to use federal exemptions I still think the trustee would be entitled to sell at least one of the cars to satisfy your creditors. Good luck. If my answer is helpful please accept. Thanks!
Andrea Ray and other Bankruptcy Law Specialists are ready to help you