Legal Question in Bankruptcy in Georgia

Keeping all autos

If I filed Chapter 7 in Georgia is there any way to keep them from taking my cars. I have 3 cars that are titled in my name. One of them is my daughter's and she is in school it is paid for kbb value @ 995.00, one is mine that I owe 13,000.00 and kbb value at 6,265.00, the other is my husband's and it is owe on 2,200.00 kbb values 2,685.00. These are the only assets that I have.

Asked on 4/21/04, 11:25 am

2 Answers from Attorneys

Glen Ashman Ashman Law Office also dba Glen Ashman Attorney

Re: Keeping all autos

Assuming you are current on your payments on the vehicles with balances and they are insured, it is extremely likely you would get to keep all the vehicles. To give you an accurate answer we need to also know what other assets you have, and other financial information, but it would be the norm in your situation to retain the vehicles.

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Answered on 6/17/04, 7:24 pm
Christopher Ballar Christopher A. Ballar PC

Re: Keeping all autos

Automobiles are subject to an exemption amount. If the equity in the cars is less than the exemption amount then the cars are protected. If the equity exceeds the limit the trustee may "take" the cars. Depending upon other assets you have and exemptions you use there may be other exemption amounts that you can apply to the cars.

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Answered on 4/21/04, 11:41 am

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