Can Credit Card Co. Repo my 1988 Truck??

[Point Blank]

I have not filed chapter 7 yet.The ONLY thing i own is a 1988 Ford truck but i am starting to get worried that 1 of the 4 credit card companies i owe will slip in the middle of the night and repo it for my debt

I owe approx $18,000 total between the 4 CC companies and i am worried.They have not threatened me yet but i am getting nervous.

Does the debt have to be secured or can it be repo'd by a cc card company.

This would be the state of Georgia,thanks...

[razorguns]

no.

r

[FilingOnMyOwn]

I doubt that truck is worth more than the exemptable allowance, you're fine.

[spongenotbob]

I have not filed chapter 7 yet.The ONLY thing i own is a 1988 Ford truck but i am starting to get worried that 1 of the 4 credit card companies i owe will slip in the middle of the night and repo it for my debt

I owe approx $18,000 total between the 4 CC companies and i am worried.They have not threatened me yet but i am getting nervous.

Does the debt have to be secured or can it be repo'd by a cc card company.

This would be the state of Georgia,thanks...

Assuming they have not gotten a judgement against you, the answer is they absolutely CAN NOT take your truck. They have no security interest in that truck. For them to take it would be essentially grand theft auto, no?

Best of luck and remember I am NOT a lawyer

PS: On 2nd read, I may have misunderstood your question. If you're asking if you will lose the truck in a Chapter 7, yes, that is possible - check your state exemptions. Good luck!

[Point Blank]

Thanks for the help

When i go to Kelly Blue book.com they come up with a $3,050 retail value for my truck.Does anyone know what is the maximum value that i can keep since it will be protected under Georgia's law??

Any link to Georgia's law that will show me the max value ($3,050)??

Thx again....

[spongenotbob]

Thanks for the help

When i go to Kelly Blue book.com they come up with a $3,050 retail value for my truck.Does anyone know what is the maximum value that i can keep since it will be protected under Georgia's law??

Any link to Georgia's law that will show me the max value ($3,050)??

Thx again....

I think you're completely, 100% in the clear on the truck - remember to use the low wholesale value - as it would be sold at a quick-sale auction, not a retail dealership.

For GA exemptions, here's some good information:

http://www.atlanta-bankruptcy-attorney.com/will_i_lose_my_property.html

Best of luck,
spongenotbob

[FilingOnMyOwn]

Thanks for the help

When i go to Kelly Blue book.com they come up with a $3,050 retail value for my truck.Does anyone know what is the maximum value that i can keep since it will be protected under Georgia's law??

Any link to Georgia's law that will show me the max value ($3,050)??

Thx again....

"Retail" value is what a dealer would charge. Your truck is not worth that much. For the purpose of bankruptcy filing, you use immediate sale values, such as trade in or auction. Because all they would do if they took it from you is auction it off for a few hundred bucks.

[Point Blank]

Thanks all for the help and link!!

Very nice forum....i'll probably need more advice as my filing date approachs,sigh.