Sacramento, CA asked in Bankruptcy for California

Q: In bankruptcy will I be allowed to keep my vehicle? Truck is valued at $4500 I owe $8000.

Related Topics:
1 Lawyer Answer
Kathryn U. Tokarska
Kathryn U. Tokarska
Answered
  • Bankruptcy Lawyer
  • San Diego, CA
  • Licensed in California

A: Since you owe more than the value of the truck, it means you have no equity in the truck and unless you fail to make paymens on the vehicle or fail to sign a reaffirmation agreement (but only if the creditor is the type that insists on reaffirmations) then you can keep the truck. Even if you had equity in the truck, you possibly could also keep it as long as you have exemptions to cover the equity.

Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.

The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.

Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.