CAR ISSUE with CH.7 in FL

[AMISLANDER]

I live in FL and am filing before the deadline. The only asset I have is my 2000 4Runner, which I own totally. It needs $3,500 worth of catalytic converter work, has the basic back up dents in the bumper plus a bigger ding, the antenna will not go up/down, and it has 89K miles.

My cc debt is $50K. I do not own a home at this time but rent. I have a job that pays between $22K and $25K a year (FL!).

Here's the issue, being that the exemption for autos in FL is $1K...and the car is my only asset probably worth $10K...if I surrender it, will they let me have $1K out of it to get a hoopty? How does this "giving up the car thing work?"

Also, I don't want to lose my paychecks in a checking account tie up...what do I do with my checking account while all this is going on?

HELP!-

[Whittio]

I don't know anything about this, but could you sell the car now (since you own it outright) and buy a car that has a market value of $1000 with the money, and then keep the cash to surrender? (I don't think you could use it to pay off your cards, that would be preferential treatment wouldn't' it?? ) But if you hold onto the cash, you could use your "personal property" exemption to hold onto some of the cash as well?

Just tossing stuff out there. I really don't know the BK laws or anything..

[AMISLANDER]

car issue with CH.7 in FL

I thought I had asked my attorney about this; I'll have to check on it. It would make sense.

Another question, if I put the next car in either my parent's name or my boyfriend's name along with my name, can they still take the car if the value is between $3K and $5K?

[herekitty]

If I'm understanding the question correctly - watch out, it could be considered fraud because of "preferential transfer" you could technically sell it to them and then buy it back (for market value).

[HHM]

Do you owe anything on the car, if not, then generally yes, the should pay you the amount of the exemption, but you will need to talk to a FL lawyer about that issue as each state can be a little different.

[AMISLANDER]

CH.7 Car issue

I own my 2000 Toyota 4-runner outright. I have no idea when they will want to take it....I have 50K worth of cc debt. Will they give me $1K back on the car? I do not want to buy it back from them...I've already paid for it...but with the catalytic converter work...let them take it! ... I just don't know how to title my next vehicle, when to buy it & how much I should spend being that I'm supposed to be bankrupt...if my parents buy me a car, would they title it in my name & theirs or just mine or what???