what should i turn in and what of it will be taken

[bigtim6656]

ok i am perparing to file chapter 7. My understanding is since my income is only around 1600 a month i can file chapter 7.

I know your asked what you own and what is excempt. Now here my question do i list every little thing i own. Or just the big stuff.

I have a small gun collection nothing worth tons just a nice glock paid 500 bucks for it. A mossberg 500 shotgun paid 240 for it. a ruger 10/22 paid 240 for it. I also own some hunting gear and a nice tv. Are they going to take this stuff. I do not own a house. Sold it last year which is why i waited another year to file as that was the lawyers recommendation.
I own a 2007 chevy 1/2 Blue book of between 10,000 and 15k but i owe my dad 12k for it. One issue with it is that i had him release the lean so i could get a title loan to pay some bills. Before i file i am going to pay it off and have his lien back on it. Is that going to be a issue.

I know there is a wildcard excemption of like 4000 so i am hoping everything is total less then it but i do not want to lose every little thing i own either.

[justbroke]

I'm assuming you're in Florida because you mention a $4,000 wildcard. You actually get that $4,000 plus the Constitutional $1,000 wildcard as well. That means you have $5K to protect your assets.

Your issue with the Truck is going to be if Dad actually is a secured creditor. This means that your Dad would need to have recorded a lien with the DHSMV (FLorida) or similar Registry of Motor Vehicles, so that it's valid. He can't do it now, as this needed to be "perfected" under State law (and BK Code)... which is generally within 30 days of the transaction. Did Dad record a lien? If not, your Dad is now an unsecured creditor, and it's likely the Trustee will be interested in that vehicle, and will want the value from you, or will take it and sell it.

Now, that I read your post more carefully.... i see that Dad released the lien, and then you received a title loan on the vehicle. What's the total of the title loans? Do they fully encumber the vehicle's value? (In other words, did you take out $10K or more in equity loans?)

DO NOT pay it off and have him put the lien back on. He can not legally do that! You'd have to "borrow" the money from him again, to pay off the title loans, and then he'd lien it again. However, he can only lien it for the value he loans you. You really need to consult an attorney, because you are about to make some rather uninformed decisions and put your equity at risk.

[kenshirley]

Just a note here.
Your current income is not be relevant. For the Means Test they are looking at the period 6 months before the month you file in.
Many of us have had lost incomes for one reason or another and in order to file Chapter 7 we had to wait for that income to fall off so that we were below the test limits.
Good luck, we have all been through this or most are about to or you would not be here.

[bigtim6656]

No i am in indiana not florida. I got the wildcard thing from http://www.indianabankruptcy.com/exemptions.html

I still owe him about 11000 of the 12000. When i bought the truck from him and registerd it he put a lien on it. It was on there since the day i bought the truck. When i need the title loan. (1500) which now is like 1450 because of the 300 a month of interest. He told me he would release the lien and then when i paid off the title loan we could readd is lien. I can show where it was there since i bought the truck. I think atleast. It also shows him as the lien holder on my insurance papers. This is not to just screw them out of taking my truck i owe him the money and have paper where we wrote up a signed agreement. Though we did not have it noterized

would he not be able to restate his lien since it is not paid off.

[justbroke]

He told me he would release the lien and then when i paid off the title loan we could readd is lien. I can show where it was there since i bought the truck. I think atleast. It also shows him as the lien holder on my insurance papers. This is not to just screw them out of taking my truck i owe him the money and have paper where we wrote up a signed agreement. Though we did not have it noterized

Actually, it is to screw them out of taking the truck. He released the lien. Any debt you owe him is no longer secured by that truck. The is no way to re-record a lien. He would need to loan you money again, and record a new lien.

would he not be able to restate his lien since it is not paid off.

No. He indicated, by releasing the lien, that he no longer had a security interest in the vehicle. He can't just "re-instate" the lien. He would need to actually loan you money, and record a new lien. In other words, it has to be "new" consideration.

[bigtim6656]

I see what your saying. Guest i might try and go get more from the title loan place.

Actually, it is to screw them out of taking the truck. He released the lien. Any debt you owe him is no longer secured by that truck. The is no way to re-record a lien. He would need to loan you money again, and record a new lien.

No. He indicated, by releasing the lien, that he no longer had a security interest in the vehicle. He can't just "re-instate" the lien. He would need to actually loan you money, and record a new lien. In other words, it has to be "new" consideration.

[OhioFiler]

I see what your saying. Guest i might try and go get more from the title loan place.

I wouldn't advise doing this if you are intending to bankrupt the debt any time soon.

[bigtim6656]

I am not going to file on the truck i intent is to keep it either pay if before i file or after going to let the lawyer tell me which. My dad said he would loan me the money pay it off. I just want to make sure i keep my truck post discharge

I wouldn't advise doing this if you are intending to bankrupt the debt any time soon.