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  1. #1
    Join Date
    Feb 2013
    Posts
    4

    Default What Will Happen to My Car in a Chapter 7 Bankruptcy

    My question involves bankruptcy in the state of: Pennsylvania

    My husband and I are planning on filing chapter 7 bankruptcy jointly. He has a 2006 Ford F-150 and I have a 1992 Rodeo. Both vehicles are in his name only and nothing is owed on them. These are the vehicles that we drive. I have a 96 Jeep Cherokee that's junk and is going to the junk yard....it's worth about 200 bucks. My husband also has a 1989 camper that's also junk. We don't care about the camper or the jeep, they can take them for all I care. But we DO care about the vehicles that we use to drive to work, school, etc. Will we be able to keep our vehicles if we file bankruptcy? I should also include that my husband owns property with an ex spouse that is also going to be included in the bankruptcy. I'm pretty sure the Rodeo won't be a big deal as it's only worth about $1000. The truck on the other hand is probably worth at least 5k. If that can be taken can't we transfer the title to someone else (like a family member) until it discharges? Any info would be greatly appreciated!

  2. #2
    Join Date
    Sep 2011
    Location
    OH10
    Posts
    17,019

    Default Re: What Will Happen to My Car in a Chapter 7 Bankruptcy

    Put the Cherokee on Craigslist. It is worth more than $200.

  3. #3
    Join Date
    Dec 2008
    Location
    Calif
    Posts
    289

    Default Re: What Will Happen to My Car in a Chapter 7 Bankruptcy

    Pennsylvania allows you to choose between the state exemptions or the federal bankruptcy exemptions. If you decide to use the federal bankruptcy exemptions, you can exempt up to $3,450 of equity in your car. Find the Blue Book value of your cars. In many places there's a cost for the debt collector to take a car and sell it. It might not be worth it to them.

    http://www.nolo.com/legal-encycloped...ankruptcy.html

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