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  1. #1
    Join Date
    Jan 2008
    Posts
    14

    Default Do I Have Too Many Assets For Bankruptcy

    I'm considering Chap 7. I make less than 20K a year in salary, and have 40K in debt. I've defaulted on three car loans, one was repo'd and sold at auction, the balance owed is 7.5K. Another one was classified as a personal loan becauae I only borrowed 3.5K so it was charged off, and the last one hasn't been repo'd yet, I owe 19K on a car that's worth 12K at most.

    As far as credit cards go, I have 6 that total about $3500 owed that are all past due.

    As far as personal loans go, I defaulted on a $3000 loan that was taken to court and a judgement for $2500 was awarded back in August. My wages have not been garnished at this time.

    I also have two collections accounts, one for $1000 that was over a truck that was towed and crushed after it broke down, another for about $3000 over a defaulted checking account.

    Another defaulted checking account has about $1000 past due that was reported to ChexSystems.

    My credit score is about 425-450. I haven't seeked out an attorney yet because my hesitation is this:
    What will happen to any assets that I have? I have maybe $1000-1500 worth of household furnishings, tv's, computer, etc, and about $6000 worth of vehicles that I own free and clear. (94 Integra $3000, 74 Dodge 3/4 ton $1500, 1993 Ford Explorer $500, 1985 Chevy S10 Blazer $500, 1986 Honda Prelude $500, 1988 Camaro $500)

    Obviously I'm looking at selling these vehicles, but would I lose that money?

    Would I lose my tax return that's going to be $4000-5000 (Married with one kid and another on the way)? I usually do my taxes at the end of January and get my money in early Feb. Would that be counted as income or seized?

    I get the Montgomery GI bill every month that I'm in school and get VA disability every month due to my prior service. Can they touch that tax free money?

    Thanks for any professional advice.

    Oh and I live in California, which I've read is very debtor unfriendly.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Do I Have Too Many Assets For Bankruptcy

    California bankruptcy exemptions are summarized here.

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