Legal Question in Bankruptcy in Wisconsin

keeping two vehicles

I am currently unemployed with a son still in college. I have two vehicles, one I drive, and the other driven by my son. Both vehicles are in my name, my son makes the payment in exchange for using the vehicle, since he cannot afford to buy it and can't get a loan for reasons I do not want to discuss. Can I file for chapter 7 and keep both vehicles? I am current on both and will remain so, If I can dispose of my charge debts of about $14,000.


Asked on 7/14/03, 3:58 pm

1 Answer from Attorneys
Mark Mahoney Cassiani Law Office, Wise Shepherd Law Office

Re: keeping two vehicles

Hello,

If you have loans on the cars and are current you can easily keep both cars by "affirming" the debt. That is, you sign an agreement with the creditor that you keep the cars and continue to make payments. The bankruptcy trustee has no problem with that, in most cases, because you are not getting rid of that debt, rather you are continuing to pay that creditor. You will discharge the other debts. Keep in mind that I do not know the facts of your case though, and you cant rely upon this as a legal opinion. If you want an opinion to rely on, you will have to retain a local attorney. Best wishes, Mark J. Mahoney

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Answered on 7/14/03, 5:38 pm


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