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    cars are paid for

    I have two paid for cars and my understanding is, unless I actually have a car loan or lease I can not claim the exemption. Is it possible to take out a small loan against each car (help pay for the bk) and then qualify for the car exemption? What would need to be done and how would I go about it? How long would I need to wait on filing a bk after I take the loans out?

    #2
    You are confusing "equity" in your vehicles with claiming an exemption for the vehicles. I'm not familiar with CA's exemptions, a bankruptcy attorney in CA can answer this at a consult.
    Any information posted by me is for general informational purposes only. While I am an attorney, I am not YOUR attorney and any information I provide is not legal advice.

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      #3
      Originally posted by joecitizen View Post
      I have two paid for cars and my understanding is, unless I actually have a car loan or lease I can not claim the exemption. Is it possible to take out a small loan against each car (help pay for the bk) and then qualify for the car exemption? What would need to be done and how would I go about it? How long would I need to wait on filing a bk after I take the loans out?
      I think you might be thinking about the vehicle ownership expense. You can't take the ownership expense if you don't have a payment, but not owing money on the car wouldn't keep it from being exempt.

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