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Car Title Loans in Chapter 7 Bankrutpcy

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  • 02-05-2009, 11:49 PM
    kirk blake
    Car Title Loans in Chapter 7 Bankrutpcy
    My question involves bankruptcy in the state of: ny. im about to file chap.7 and the the only asset i have is my car which is free & clear & valued at $10,000. i need my car but the ny exemption is only $2,400 i am considering taking a title loan out for $4,500 pror to filing would this save my car from being taken in the bankruptcy process?
  • 02-06-2009, 10:25 AM
    OhMy
    Re: Car Title Loans in Chapter 7 Bankrutpcy
    Quote:

    Quoting kirk blake
    View Post
    My question involves bankruptcy in the state of: ny. im about to file chap.7 and the the only asset i have is my car which is free & clear & valued at $10,000. i need my car but the ny exemption is only $2,400 i am considering taking a title loan out for $4,500 pror to filing would this save my car from being taken in the bankruptcy process?

    Do not do this without speaking to a bankruptcy attorney first. What you are planning is known as bankruptcy fraud. You can not sell off your assets nor mortgage them before you file a bankruptcy.
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