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Filing Chp 7 in FL - question about my car

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  • Filing Chp 7 in FL - question about my car

    Hello - I am getting ready to file Chapter 7 (by myself - finances don't permit me to afford a lawyer). I am single, do not own any real property, have less than $1,000 in household goods/assets, and I am still making payments on my car. Here's my question: regarding my car, I owe $7,600 on it and Kelly Blue Book values it at $5,800. In Schedule C, what would be interest be in the car? The blue book value or what I owe on it? I want to keep paying on the car (I'll have it paid off in 2 years) and I don't have the means to get a new one. Also, do I include the car on my exemptions form or do I just go ahead and file the re-affirmation?

    Thank you so much for all your help! I appreciate it!!!

  • #2
    I believe you would get to keep your car since the amount you exceeds the value

    Comment


    • #3
      You have to exempt the cars equity. Don't forget to do that. Also, you may not need to reaffirm. Just keep paying and you should be ok. Call your lender to find out how they normally handle a bk and "ride through".
      Filed Chapter 13 02/2006 - Confirmed 05/2006 - Discharged 09/2011
      I'm not an attorney. My replies are merely suggestions or observations, not legal advice. As always, consult with an attorney before making any decisions.

      Comment


      • #4
        I am filing officially tomorrow morning. Very nervous about the whole thing but reviewing other cases on PACER, abusing Google and reading what feels like every post on this forum has really helped me stay calm. I am worried that because I'm filing pro se I'll get some sort of bright red telegram telling me I've done something horribly wrong. Overblown fears - I know! Thank you again for all your responses!

        Comment


        • #5
          Check out the pro se threads to get answers and advice too. Good luck to you!

          Comment


          • #6
            You net interest in the car would be -1,800. In this case you would probably have to reaffirm the car, or surrender it. Reaffirming this car would likely not be a problem since your payment is likely very low. Your financier will send you a reaffirmation agreement when you formally file.

            Good luck.

            Comment


            • #7
              Originally posted by worldgirl28 View Post
              Hello - I am getting ready to file Chapter 7 (by myself - finances don't permit me to afford a lawyer). I am single, do not own any real property, have less than $1,000 in household goods/assets, and I am still making payments on my car. Here's my question: regarding my car, I owe $7,600 on it and Kelly Blue Book values it at $5,800. In Schedule C, what would be interest be in the car? The blue book value or what I owe on it? I want to keep paying on the car (I'll have it paid off in 2 years) and I don't have the means to get a new one. Also, do I include the car on my exemptions form or do I just go ahead and file the re-affirmation?

              Thank you so much for all your help! I appreciate it!!!
              we filed in florida and had to bring in proof of value on the car since we were only allowed X amount and we owned our car. if the trustee felt the value was not correct, we would have had the choice to buy back the difference. however, it didn't go that far, as in florida if you don't own a home you get an increase on your exemptions which can be applied anyway..it's called the "wildcard" exemption.

              the florida legislature, a while back, revised florida’s exemption scheme by increasing the amount a debtor can claim as exempt property when the debtor does not receive the benefit of florida’s homestead exemption. in other words, if you do not own a home, you can protect more personal property. specifically, florida has increased personal property exemptions to $4,000 for those who choose not to take advantage of the homestead exemption. West's F.S.A. § 222.25(4).
              8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

              Comment


              • #8
                I officially filed this morning - thank god that's done! I was given the checklist of documents to send in to the trustee before my 341 meeting in August. I can't tell you guys enough how much your input and advice has helped me! Thanks again!

                Comment


                • #9
                  good luck with it! and welcome to the 60 day club!
                  8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

                  Comment


                  • #10
                    Originally posted by worldgirl28 View Post
                    I officially filed this morning - thank god that's done! I was given the checklist of documents to send in to the trustee before my 341 meeting in August. I can't tell you guys enough how much your input and advice has helped me! Thanks again!
                    Way to go. Wishing you the best at the 341. Search the forum for the free pre-BK counseling course, take it and your on your way. After the 341, get your post-BK course done and then sit back and wait for your 60 days to be up!!!!
                    Filed CH 7 4/15/11
                    341 5/23/11
                    DISCHARGED & CLOSED ON 7/27/11

                    Comment


                    • #11
                      The woman at the clerk's office laughed when I asked her if I needed to submit my tax returns, pay stubs, and bank statements. She asked me if I was an attorney and I said, "No. Just an educated cititzen!"

                      Comment


                      • #12
                        Hey can you guys help me out - When should I be able to see all my stuff on PACER? I filed on 07/18 and checked today but don't see my stuff. Some cases that were filed the 18th and 19th are posted but not mine. Just nervous!! Thanks again.

                        Comment


                        • #13
                          love to help you...i would start another thread maybe about pacer..personally, i never used it!
                          8/4/2008 MAKE SURE AND VISIT Tobee's Blogs! http://www.bkforum.com/blog.php?32727-tobee43 and all are welcome to bk forum's Florida State Questions and Answers on BK http://www.bkforum.com/group.php?groupid=9

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