hi, i have a question in relations to chapter 7. i'm financing a car. i got the car for 17k 2 years ago. i was told that i can keep the car as long as i keep paying for it. also that in chapter 7, they would appraise the car at a fair market value and that i would pay for whatever the car is worth. i was told by my bk lawyer that they wouldn't take the car away from me. the car is 52 years old. it runs ok, but needs transmission work,needs body work, the trunk is rotted out plus dents, scratches, etc. it's considered a classic but needs total restoration. i've put money into the car to make it look somewhat presentable and drivable. it's not a parts car nor a restored dream machine either. in a scale of 1-10 i rated as a 4 or 5 in comparison to the ones i've seen on ebay,car trader, etc. how would i appraise it? we're talking 52 years old that gets about 9 miles to the gallon. though i had the car for a few years, it means alot to me. my dad had one like it and hope to restore someday for my children. if for some reason they decide to take the car back what can i do to save the car? my main question is, is it legal to sell the car to a family member or perhaps change ownership ? i want to do whatever is legal to hold on to the car. if i loose the car ohwell, i have bigger issues!
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also that in chapter 7, they would appraise the car at a fair market value and that i would pay for whatever the car is worth.
This is not correct. You can't execute a cramdown in a 7. Only in a 13 where you've owned the car for over 910 days.
If the equity in the car is below what your state exempts, you'll get to keep the car.
Don't transfer or sell any assets prior to filing to an insider .The trustee can reverse the transaction.
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