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Can We Keep Our Auto(s) in this Particular Case?

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Vic21

Junior Member
What is the name of your state? North Carolina, just moved from NY in April

My wife and I are preparing to file Chapter 7, with debts of upward of $20,000. My question centers around vehicles... I have a 1997 Lincoln Town Car, which was my father's before he passed away... I brought the car down here when we moved, and need to register it in my name. Because of the impending bankruptcy, I was advised not to put it in my name, but I can't wait till after the Trustee meeting, because the insurance will have run out... I need the car to get to work, and I'm concerned that there is too much value in the car... My wife is going to be starting a job, and my brother in law has offered to sell us his car, a 1997 Mitsubishi Mirage at a cheap price ($1500) since he has a company car, is about to move, and can't move three cars from Tampa to Orlando... We will absolutely need the cars, but I'm wondering if the Trustee will see it differently...

I was contemplating selling the car to a CARMAX, and then purchasing a car or two (for the wife) of lesser value until we were clear in the bankruptcy.

Any help, advice or thoughts would be greatly appreciated.
 


Vic21

Junior Member
I figure the Town Car is probably worth $6000, tops.... I'd probably get $5000 for it right now.

Aren't there any "Wild Cards" that would apply? Also, I was under the impression that the exemption is actuall x2 since we're filing jointly.
 

Vic21

Junior Member
back to the top, I'd like some tips or advice on this.... Also, we can't afford an attorney at this point, we're thinking of going the document preparation route.
 

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