Can I keep my car? 4 Answers as of November 03, 2010

I am filing for Chapter 7 bankruptcy. I have a $65,000 Mercedes that I bought two years ago, and I was wondering if I am obligated to give it up in order to pay my creditors. It has a lot of sentimental value.

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The Law Office of Mark J. Markus
The Law Office of Mark J. Markus | Mark Markus
If it is worth $65,000 free and clear, you most likely would lose it in a Chapter 7 unless applicable state or federal exemption laws allow you to protect it. The state's exemption laws which would apply to your case is dependent on where you have lived for the past 2 years.
Answer Applies to: California
Replied: 11/3/2010
Law Office of David P. Farrell
Law Office of David P. Farrell | David Farrell
The trustee assigned to your case is not going to care about sentimental value. If you have non-exempt equity in the vehicle, it may be sold and the non-exempt proceeds used to satisfy your creditors.
Answer Applies to: California
Replied: 11/2/2010
The Shakoori Law Group
The Shakoori Law Group | Rachelle Shakoori
Depends if the car is paid off or not. If its paid off then it exceeds the chapter 7 exemption allowed and you risk liquidation by the trustee.
Answer Applies to: California
Replied: 11/2/2010
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