Q: If i were to file bankruptcy would i loose my car that i'm making payments on?
I have a collection agency garnishing 25% of my wages weekly, i am barrely making ends meat. I was never notified of the garnishment nor was i notified of any court appearances; in Indiana. That would not be the only bills i would be filing on. I finally got ahold of the collection agency and found out that is was a car that was repossessed in 2007 and it took the agency till Dec. 2014 to find where i work to start garnishing my wages.. I don't see why it ook that long when i was still working at the some job when i got the car until Feb. 2009. They are wanting 11,000 plus when the used car i don't believe was that much to begin with. I need advice on what to do.
A:
Your answer depends upon the amount of equity that you have in your auto and whether you intend to reaffirm the auto loan and continue to pay the loan. I believe that you can exempt or protect up to $4,900.00 in equity on your auto in Ohio (adding the auto and the wildcard exemption), which means that the bankruptcy trustee cannot take the auto if the amount of equity is equal or less than the maximum exemption.
There are so many variables to consider when filing a bankruptcy, you really need to contact an experienced bankruptcy attorney that handles both chapter 7 and chapter 13 bankruptcy cases and review all the facts that the attorney feels he/she needs to understand before giving you advice on filing a bankruptcy or not. Most attorneys will provide you with a free initial consultation.
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