Can I keep 2 Vehicles in Chapter 7 ?

[princessiam]

Hi in NC bankruptcy chapter 7 can I keep my 2 vehicles? One vehicle is paid for and old worth a couple hundred dollars. The other vehicle is new like over 20,000 loan and I have only made a couple payments on it and want to continue them even after bankruptcy. The problem is I can't make it w/o 2 vehicles in our family but I am needing to go through bankruptcy - I can't see daylight - w/ all the credit card debt.

[TEW]

Welcome to the forum
It depends on how much the cars are worth. You have to look at your exemptions

http://www.legalconsumer.com/bankrup...tate.php?st=NC
look to see how much they will allow.

[UpACreek]

We kept two. Look at the vehicle exception amounts. Note that the exception amount is applied against the equity that you have in the vehicle, not the value of the vehicle. You should be fine. It sounds like you have very little equity in the two. In mine, I owned both outright. Car1: $13,000. Car2: $11,000. I was able to combine vehicle exception with personal exception to keep both. Days after discharge I sold car2 for $11,000.

[princessiam]

Hi thank you both for replying.

I found this listed on the nc bk site? : The debtor's interest, not to exceed three thousand five hundred dollars ($3,500) in value, in one motor vehicle.

Anyways my old car is worth $950 dollars or less and I own it. The other car is new & under a car loan for $20,000 w/ just a couple pyts. made but will continue.
Does this mean (example - payments made say $2000 is this my current equity with this new car & the $950 for the old one.)
Thank you all for your advice its much appreciated!

[ansky0007]

Hi thank you both for replying.

I found this listed on the nc bk site? : The debtor's interest, not to exceed three thousand five hundred dollars ($3,500) in value, in one motor vehicle.

Anyways my old car is worth $950 dollars or less and I own it. The other car is new & under a car loan for $20,000 w/ just a couple pyts. made but will continue.
Does this mean (example - payments made say $2000 is this my current equity with this new car & the $950 for the old one.)
Thank you all for your advice its much appreciated!

If you recently purchased the $20k car then there is no equity and you should be able to keep them since there is not enough value in them.