Q: In want to file for bankruptcy because I had a court citation for debt collector, but I own a car that if value of 9900
The car if paid. Can I lose the car. What are my options. My total debt is 50000
A: Consult your bankruptcy attorney for the possible s enarios but there are several exemptions you may use to protect your car if they fit with your other priory.
A: In Florida you have the ability to exempt certain assets from being liquidated (sold) for the benefit of your creditors in a bankruptcy. You may exempt $1,000 of value in a vehicle, $1,000 in personal property, 100% of your homestead if you have owned it for about 4 years or more, and if you do not own a home you may apply an additional $4,000 of exemption on any personal property, including your vehicle. If there is still value on a vehicle that is not exempt after you have applied all the applicable exemptions, then you can "pay back" the excess value of the vehicle for distribution among the creditors and keep the vehicle. In sum, you have options to discharge the greater part of your debt in a bankruptcy and retain your vehicle.
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