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 Ellen Your Own Question
Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
Type Your Bankruptcy Law Question Here...
Ellen is online now
A new question is answered every 9 seconds

Im trying to file a Chapter 7 and filling out the Schedule

This answer was rated:

I'm trying to file a Chapter 7 and filling out the Schedule C , but having a hard time determining if I'm going to be able to keep my truck or not. I live in the state of Colorado and the exemption is $5000.00 but my truck is worth about $9500.00 and it is free and clear. I don't have alot of other items that are of worth....a bed, 10yr old tv, some dvd/cds and my clothes. Are they going to let me keep my truck or will they take it from me? What is the best course of action can I take or if Chapter 7 the best option. I meet all the other requirement...passing the means test.

So sorry to hear of your dilemma. I will strive to provide you with legal information to assist you.

I am a lawyer with 25 years experience. Although I am not your attorney, I hope that I can give you helpful legal information on this open and nonconfidential forum.

I can assist you. A chapter 7 bankruptcy is typically the preferable chapter bankruptcy to file. You would be entitled to $5000 in equity in your truck if you are filing without a spouse. If you are joined by your spouse were you are disabled or over age 60, the exemption is $10,000.If you are over exemption you may pay the trustee the difference over a period of a few months
Ellen and 2 other Bankruptcy Law Specialists are ready to help you