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Ellen, Attorney
Category: Bankruptcy Law
Satisfied Customers: 36714
Experience:  Bankruptcy Lawyer. Experienced.
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My wife died of cancer and i had 120,000 of unsecured credit

Resolved Question:

My wife died of cancer and i had 120,000 of unsecured credit debt. I have social security and a very small pension and a survivor pension from her. Anyway i want to turn my car into a taxi cab and be an owner operator. My relative currently owns the car . If they put it in my name and it's a taxi providing me a living could they take it from me.
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  Ellen replied 5 years ago.
Welcome to JustAnswer,

So sorry to hear of your loss and of this dilemma. If my answer is not clear to you or does not fully answer your question, please ask me for clarification by using the reply button.

The short answer to your question is yes – you could lose the taxi regardless of the fact that the taxi provides you with an income. You could also lose the income that you generate from operating the taxi.

To prevent this from occurring, you may want to consider a chapter 7 bankruptcy. After your bankruptcy has been completed, about 4 to 5 months, you could then receive the taxi as a gift from your relative without fear of loss of the taxi or your income.

I think this is what you wanted to know. Please use the REPLY button if you have any questions concerning my answer. Otherwise please click ACCEPT so that I am paid by the site for answering.
Customer: replied 5 years ago.
If the taxi is owned in my name and a friend who loaned me the money to buy the taxi has a note from me and the car (taxi ) is securing the note, could the creditors still take the car (taxi).
Expert:  Ellen replied 5 years ago.
No they could not since there would be no equity in the car. However they could attach your receipts from customers
Customer: replied 5 years ago.
What percentage of the receipts could take?
Expert:  Ellen replied 5 years ago.

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