keeping car?

What is the name of your state? Florida
I am fileing ch 7. I have a 1997 honda worth aprox 8000 I owe less than 1000. Will I be able to keep the car? What exemp laws should I list?
Thanks

In Florida, you have too much equity in the car, and you will probably have to give up the car. It really depends on the trustee, but I can't imagine any of them letting that much equity slide past them.

Fla, Thanks for the reply. I owe my land lord 4000.00 in back rent and was going to let him put a lien against the honda would that let me keep it?

[racer72]

Originally posted by nomadone
Fla, Thanks for the reply. I owe my land lord 4000.00 in back rent and was going to let him put a lien against the honda would that let me keep it?

That is not a very bright thing to do. It would allow the landlord to take the car at any time. Plus your primary creditor may not allow the car to be used as collatoral. And the bankruptcy trustee probably won't like it either. There are many ways to hide assets in bankruptcy cases, talk to your lawyer.

"There are many ways to hide assets in bankruptcy cases, talk to your lawyer."

racer-

Are you trying to imply that there may be bk atty's out there who would help hide assets?

Shame on you

The term "hiding assets" sounds like bankruptcy fraud.

I don't know about anyone else, but I wouldn't want to risk losing my license to practice law in order to help hide someone's asset.

What an attorney CAN do, however, is advise you on which assets are exempt and what the levels are.

That advice can help you get into a position so that your case doesn't create problems for yourself or the trustee.

For example, retirement funds generally are exempt up to very high levels. By contrast, generally not much cash at all is exempt.

Therefore, if you have your funds in exempt retirement funds, you can keep them. If your funds are in cash, you cannot.

Same holds true with equity in a home. Every state's exemption levels vary, but having the asset in the form of equity in a home is better than having it as cash because of the exemption issue.

Hope this information is helpful to you.