Bk

[jay56]

Would I be a candidate for Chapter 7 based on the following info?

Debt:
-Default judgment from 2004: $35,000
-Credit cards: $3, 200

Assets:
-Vehicle paid in full: $6,000 with judgment creditor lien
-Some minor personal assets: less than $2,000

Income:
-Disability payment: $715 per mo.


I mainly want to stop a possible levy on my car.

I want to reaffirm and pay my credit card debt.

Would BK help? How would all this work out? Would I get to keep my car? I live in Kentucky.

[jay56]

I consulted with a BK lawyer yesterday and he told me that the judgment creditor can levy the car without having first perfected a lien on it so in all likelihood they are placing the lien to prevent me from borrowing money against the title or selling the car.

He also told me that most auctioned cars only bring 50 to 60 percent of their market value and with my state's exemption of $2,500 it's doubtful that they would levy the car unless they were spiteful in which case there are laws against.

I could live with the lien as I plan on drving the car until it falls down. BTW, my credit score is 792 and I've heard BK will badly mar one's credit.

On the other hand, I'll always have the fear of seeing a sheriff pull up to seize my car. It's a tough decision to make.

[CatsInTrouble]

hi jay=
I know nothing about cars, sorry, but your income is excellent fo doing a 7. Yes, your credit will definitely take a hit. I think that's a given!