Legal Question in Bankruptcy in California
Bankruptcy
I'm buried in debt and considering filing for chapter 7 bankruptcy. I have a ton of credit cards that are about 30K, and my bills each month come to more than I make... I do own a new truck that I would like to keep continue paying off and some other personal property. I read that in Chapter 7 you'll be able to keep most household goods, furniture, furnishings, clothing (other than furs), appliances, books and musical instruments. You may be limited up to $1,000 or so in how much jewelry you can keep. Most states let you keep a vehicle with more than $2,400 of equity. And many states give you a ''wild card'' amount of money -- often $1,000 or more -- that you can apply toward any property.
So it looks like I might be able to keep my truck if I file chapter 7. Please let me know what you think and also what the procedure is when you file. Does someone come to your house and look at all your belongings? thank you
5 Answers from Attorneys
Re: Bankruptcy
There are two sets of exemptions in California, and the one you choose depends on which is more advantageous with the assets you have. Both offer exemptions for equity in automobiles (between $1900 and $2725, or higher if for business use).
Re: Bankruptcy
You should be able to keep your assets, but there's no way I can say for sure without first having a consultation. If you'd like a free phone consult, please visit my webpage at http://www.bklaw.com/consult.html and then contact me to schedule an appointment. I'll be happy to assist.
Regards,
Mark
Re: Bankruptcy
You sound like a good candidate for a bankruptcy. You will likely be able to retain the truck but that will require that all payments and insurance is paid current. If you would like a free consultation please call my office and we can set up an appointment.
Re: Bankruptcy
The exemptions are a lot more liberal in California than you suggest. Most debtors can keep their vehicles if they're current on payments. Please give me a call for a free consultation. -Robert F. Cohen, Esq., (310) 858-9771.
Re: Bankruptcy
The others gave the best advice.
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