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Bankruptcy Law/Chapter 7 vehicle laws

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Expert: - 12/15/2008


Question
I lost my job and receive  only 1100.00 month unemployment benefits. In reaffirming my home loan I do not have enough money to pay for either of the two vehicles I owe on. Is there any way to avoid lein under 11 U.S.C. 522 (f) so that
I can keep one vehicle in order to have transportation?  Or can a vehicle be exempt as consumer debt because it is a useful investment ? help..... help.....

Answer
To answer your first question, no, you cannot avoid consensual liens, which would include the one against your automobile.

As to your second and third questions, I don't really understand them.   Are you talking about being able to keep the vehicles if they have excess equity?  If so, that depends on the exemption laws of whatever state's exemptions apply in your bankruptcy case.   Please see http://www.bklaw.com/exemptions.html for more information.

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Mark J. Markus- California Bankruptcy Attorney

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Mark J. Markus is a Los Angeles bankruptcy attorney who has practiced exclusively bankruptcy law in California since 1991 and is rated A+ by the Better Business Bureau and is AV-rated by Martindale-Hubbell. He represents debtors, creditors, and Trustees in Chapter 7, Chapter 11, and Chapter 13 of the bankruptcy code throughout California.

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Visit our California bankruptcy webpage at http://www.bklaw.com for more information on bankruptcy in general and Mark J. Markus in particular. Many questions are answered on the web page (hint, hint).
The Markus webpage also contains more information on

  • Which Chapter to File,
  • business bankruptcy,
  • chapter 7 bankruptcy,
  • chapter 11 bankruptcy,
  • chapter 13 bankruptcy,
  • Do You Need a Lawyer to File Bankruptcy?
  • Frequently Asked Bankruptcy Questions

    Also visit our Los Angeles bankruptcy blog for interesting articles and much more.



    Organizations
    Central District Consumer Bankruptcy Attorneys Association (CDCBAA) Los Angeles County Bar Association (LACBA) Commercial Law & Bankruptcy Section of the Los Angeles County Bar Association Financial Lawyers Conference (FLC) National Association of Consumer Bankruptcy Attorneys (NACBA) Los Angeles Bankruptcy Forum (LABF) American Bankruptcy Institute (ABI) San Fernando Valley Bar Association (SFVBA)

    Publications
    Central District Consumer Bankruptcy Attorneys Association Newsletter September 2007 (Vol. 1, Issue 2)

    Education/Credentials
    J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here

    Awards and Honors
    AV Rated by Martindale-Hubbell (http://www.martindale.com) A+ Rated by Better Business Bureau

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