Experience Visit 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
Education/Credentials J.D., University of Arizona 1990. B.A. Economics, California State University, Northridge 1986. For more details please click here
Question I am in California. I own a 65 mustang that is in pristine restored condition. My husband and I are considering filing bankruptcy as we are getting fartehr behind on our credit cards and mortgage payments. I could stand losing the house, my other vehicles, etc., but this car was my uncles, bought off the lot brand new. I purchased it from him several years ago and restored it so i can't imagine losing it. Can the court force me to sell it to pay some of my debt??
Answer Whether you can keep the vehicle or not depends on its value, as well as the value of all your other assets and what exemptions you have available to cover the value in those assets. In California you have approximately $20,000 you can exempt in any combination of assets/values. You haven't provided enough information on these values for me to even speculate on whether it might be sold or not by a bankruptcy trustee.
