Bankruptcy Law/chapter 7

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Expert: Mark J. Markus- California Bankruptcy Attorney - 11/14/2009


Question
i have a car with a payment and a pick up that is free and clear i am thinking of chapter 7 be for i file if i trade my car and pick up truck in for a new pick up by doing this i will have a lower payment then i have right now on the car will i have to give up the pick up truck when i file even though it has payments or could i kept it after i file a 7 and still make the payments i live in fla.

Answer
You can keep the truck as long as you can make the payments and as long as you have sufficient exemptions under applicable state law to cover any equity in the vehicle.  I'm not clear on whether you are intending to keep more than one vehicle for yourself.  If so, you could run into an issue of being able to utilize the expense deduction from your budget for a financed truck when you already have a driveable vehicle.

For more on exemptions, please see http://www.bklaw.com/exemptions.html  

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Mark J. Markus- California Bankruptcy Attorney

Expertise

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.

Experience

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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