New car

[seanf12]

A relative has offered to buy me a car outright as a gift, since my car died this afternoon. It would be a car that had some value (say $10k or so). If we file Chapter 7 using the federal exemptions, would I be at risk at losing the car?

Thanks

[SUB]

Could be, if it's in your name.

[seanf12]

Thanks

I just discovered that if I file BK, per my lease agreement, that I will be in default. What does that mean exactly?

[HHM]

Thanks

I just discovered that if I file BK, per my lease agreement, that I will be in default. What does that mean exactly?

Wait, please clarify the situation.

Your 1st question was about a car that has died...is that the leased car?

Generally speaking, default on account of BK clauses are unenforceable, but if you have a leased car that has died (how is that possible?), you may have other issues.

[seanf12]

Sorry about that....let me clarify

My car has died, and that car was completely paid for. A relative has offered to purchase a new car and give it to me free and clear.

My wife's van is a leased vehicle through Chrysler, and I just discovered that the lease agreement states that we will be in default when we file, but I am not sure what that means