Elizabethtown, KY asked in Bankruptcy for Kentucky

Q: I own two vehicles. One is paid for i have loan on the other which my mom cosigned for. Can i keep then both chap 7 n KY

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2 Lawyer Answers

John Robinson

  • Bankruptcy Lawyer
  • Shelbyville, KY
  • Licensed in Kentucky

A: In all likelihood, yes. The only problem would be if the two vehicles have a lot of value (equity in the vehicle with the loan). You will just need to continue making the loan payments to keep the second vehicle.

Timothy Denison

  • Bankruptcy Lawyer
  • Louisville, KY
  • Licensed in Kentucky

A: Depends on the value of the vehicles and the amount of equity in them. It is possible you can keep both, yes.

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