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I have a couple of questions on bankruptcy

Asked over 2 years ago - Schenectady, NY

Bankruptcy

I have 2 vehicles, one is 1984 the other is a 1998. I was told by one attorney that i would have to sell one of the cars because to file bankruptcy I could not have 2 cars. My husband is in prison and i was told by one attorney that we could still file for bankruptcy. Also, what would stop the court from granting bankruptcy. I don't want to go through the process and pay an attorney only to find out that i will be denied.

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Attorney answers (2)

Robert W. Kovacs Jr.

Reputation Level 14

Answered over 2 years ago. Bankruptcy Attorney in Worcester, MA.

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I am not licensed t practice law in your state but I can offer some general advice.

As for the cars it is tough to say if you can keep them both. If you take the federal exemptions you will be permitted to retain one car with a value of up o $2,400. Additionally you can keep any other property you want with a value up to $8,300 (if you have no equity to exempt in a home. So it is very possible that you can keep both cars.

However, your state may have opted out of the federal exemptions, check with a local lawyer.

There are many reasons your discharge could not be granted, but typically you get your discharge, as long as you are honest and up front with your lawyer she should be able to spot any potential issues.

Good luck

Robert Kovacs

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Jeffrey Daniel Larkin

Reputation Level 15

Answered over 2 years ago. Bankruptcy Attorney in Carlsbad, CA.

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It looks like the joint exemption limit for personal property in NY is $10k so if the value of all your personal property including cars and money in your bank does not exceed this amount you will not lose the cars. As for whether the courts will grant your bankruptcy, absent fraud you should be fine. As long as your attorney knows what he is doing, he will be able to tell you with a high degree of certainty whether you have anything to worry about with your case.

LEGAL DISCLAIMER
Mr. Larkin is licensed to practice law in CA and is located in San Diego. His response here does not constitute legal advice and does not create an attorney/ client relationship. The response is in the form of legal education and is intended to provide general information about the matter in question. Many times the questioner may leave out details which would make the reply unsuitable. Mr. Larkin strongly advises the questioner to confer with an attorney in their own state to acquire more information about the specifics of their case.

The Larkin Law Firm

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