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Im considering filing for bankruptcy; as of now, Im $40,000

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I'm considering filing for bankruptcy...
I'm considering filing for bankruptcy; as of now, I'm $40,000 in debt, have no income (no job, no unemployment) and no assets outside of my vehicle. My girlfriend has been paying all the household bills for the past 2 years - car payment, rent, electric, phone, cable, grocery bills, but she has recently lost her job and we've pretty much depleted all of her cash reserves. She does not own a vehicle. My vehicle is worth about $11,500 and I still own about $9,000 on the loan. If I file for bankruptcy, whats going to happen to my vehicle?
Submitted: 7 years ago.Category: Bankruptcy Law
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7/6/2010
Bankruptcy Lawyer: Terry L., Attorney replied 7 years ago
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
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In New York, there is a vehicle exemption of $2400 to protect equity in your vehicle. You can reaffirm the debt to let it survive bankruptcy so that you may keep the vehicle. Continue to make your payments timely and keep it insured. Thanks for your question, good luck to you.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
Verified
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Terry L.
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2,914
2,914 Satisfied Customers
Experience: Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.

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