Keep a Car with high Trade in Value?

[kjonyou]

I am thinking about a BK and literally the only thing I have worth value is a car. Here is my problem, the car was purchased in 2004 for about 37,000. It has no late pays on a 6 year plan. Its currently worth about 22,000 and I only owe about 15,000. That put me at a positive 7,000 in equity way over the CA max of 2,500.

So my question is this, is there anything I can do to keep the car without paying some difference I dont have to creditors? I think it will hold up for another 5 years. Or is there any way to take the equity out so that it no longer becomes an issue or target?

Could I for example sell it to a friend or friends company if I trust him enough to let me still use it?

Or could I trade it in and use that value as a down on a leased car? then re afirm that one?

[yoyoma51]

Based on the information you provided:

I am thinking about a BK and literally the only thing I have worth value is a car.

You maybe able to apply unused exemption $$ towards your vehicle equity and reaffirm your loan.

Check out this link:

http://los-angeles-bankruptcy.net/california_bankruptcy_exemptions.htm

and good luck!

PLEASE NOTE: I am not a lawyer. Bankruptcy may or may not be a best scenario for you, it depends on your situation. You can assume my advice is useless. Talk to an experienced bankruptcy attorney in your jurisdiction for legal advice.