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.
1 user found this answer helpful
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.
