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cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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What is the value of a vehicle you can own, after Bankruptcy,

Resolved Question:

What is the value of a vehicle you can own, after Bankruptcy, also can life insurance proceeds be taken , upon death. I have 2 term life polices, one for my wife and one for my daughter.
Submitted: 5 years ago.
Category: Bankruptcy Law
Customer: replied 5 years ago.
Relist: Other.
I asked this question in the early a.m., so maybe Mr. Flynn is not up yet , i will open the questions to other bankruptcy attorney.
Expert:  cfortunato replied 5 years ago.
Hi JACustomer,
1) If you file a Bankruptcy, you and your wife will each be allowed to keep one vehicle. Since the motor vehicle exemption is $2,500 and you can also use part of your wildcard exemption for the car that is worth more than $2,500, you would be able to keep both cars if you file a Bankruptcy.
2) Insurance proceeds cannot be taken.
Customer: replied 5 years ago.
I do not know and or have never heard of a wildcard exemption? What does this term mean? Also, if i am the one filing for bankrupcy , why would my wife be involved. Is her income , due to marriage, considered in the bankrupcy.? It would be myself and not her filing for the bankrupcy.
Customer: replied 5 years ago.
I need to step out for 30 min> , i will return at 8:30. a.m. Joe
Expert:  cfortunato replied 5 years ago.

1) You are allowed a "wildcard" exemption of $11,975, which can be used to exempt any property, which you should not need to exempt your cars, because the available motor vehicle exemptiion is $3,500, not $2,500.

2) Yes - even though your wife will not also be filing, her income is also taken into account.

Customer: replied 5 years ago.
Sorry but, i am still a little confused, is my wifes credit going to affected by my bankrupcy?My wife and i do not co-mingle are monies. Her money and income is separate, and mine is mine. She also, does not use and has not taken my name in the marriage , for business reasons. How would her income affect my bankrupcy? , I apoligize for being long winded here,but i am longing into bankrupcy and how it effects my future.
Expert:  cfortunato replied 5 years ago.
If you file a Bankruptcy on your own - without your wife - your Bankruptcy filing will not affect your wife's credit. However, the Bankruptcy court will look at her income to determine whether or not you qualify to file a Chapter 7 Bankruptcy. .
cfortunato and 2 other Bankruptcy Law Specialists are ready to help you