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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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I own a car jointly with my wife. We paid cash for the car

Resolved Question:

I own a car jointly with my wife. We paid cash for the car and did not finance. The car is worth $6,000. If I file bankruptcy, individually (NOT with my wife), may we keep the car based on the automobile exemption ($3,250) covering my equity ($3,000) in the car?
Submitted: 8 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 8 years ago.

Yes. Your interest in the car is 3K and you can claim that as exempt.
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