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Ask WALLSTREETESQ Your Own Question
Category: Bankruptcy Law
Satisfied Customers: 17252
Experience:  14 years exp., CH 7 AND 13 Bankruptcy cases, AFL-CIO UNION PLUS, UFT NYSID AND ALL MAJOR UNIONS
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Im thinking of filing Bankruptcy 7 later next month. I have

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I'm thinking of filing Bankruptcy 7 later next month. I have try to keep up with the payments on my credit cards but I don't enough funds to keep the payments. I have two young children under the age of five. All the accounts are under my name and my husband is unemployed. I live in NC and I'm thinking of stop paying my car before going into bankruptcy. I'm behind by one month on my car payment right now. Would this affect me going into bankruptcy or should I call the company to come and pick it up the car?
you can file the bankruptcy now and the car would be given to the bank after teh bankruptcy, this option is better, as you would have use of the car for a few months more before a repossession. Also, their is a $3500 motor vehicle exemption in NC so if the current book value is less you can keep the car. Plus you may be able to state it is part of the tools of trade exemption which is another $2000
Customer: replied 7 years ago.

I owe 15K on the car and the car value right now is half. Can I just tell the lawyer I don't want to keep the car?



yes, then the court will give the car to the bank, you would call them to pick up the car, it is done many times.
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Customer: replied 7 years ago.
Thank you so much!!!!