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  1. #1
    Join Date
    Feb 2009
    Posts
    4

    Default 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?

  2. #2
    Join Date
    Apr 2008
    Location
    Texas (Dallas area)
    Posts
    1,404

    Default 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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