Can I keep my car and motorcycle?
Currently have the following debts:
1) 4 credit cards approx $33,000 - entered into credit counseling paying $650 a month for the next 4 1/2 years. Haven't used the cards since October 2000.
2) Personal loan with 4 payments left of $196 each which my father co-signed
3) Motorcycle loan with 48 payments left of $190 each
4) School loans that are currently deferred because I'm back in school
I own an 89 Jetta and rent an apartment. Will I lose my Jetta or my motorcycle if I file Chapter 7?
1 Answer from Attorneys
Re: Can I keep my car and motorcycle?
The short answer is yes. However, this assumes that the value of the Jetta falls within the automobile exemption allowed under the Bankrupcty laws which I am preety sure it will. As for the motorcycle as long as the payments are current, with 48 payments left you probably do not have much equity in it and whatever equity you do have will easily fall within one of the other allowed exemptions, such as the "catch all" exemption.
In addition I do not beleive that it is in your best interest to try to pay $30k+ in unsecured credit card debt while you are a student.
If you do not currently have a lawyer to assist you in this matter, we will gladly meet with you to further discuss your options. Please feel free to contact me, Jules D'Alessandro at (401) 353-0440.
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