I haven't filed yet...but...In a chapter 7 if I show I can afford it would I be able to keep two vehicles? One is financed and one is leased. One is my wifes and one is mine...neither has equity.
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Typically in all states when you file, the court allows one vehicle for each driver in the family. Ask your lawyer or during your free initial consultations with 3-4 lawyers in your area about what the local court in your area of CA does in this situation.
You didn't share how much under you are on either car. If the cars are worth considerably less than you owe on them, then seriously consider *NOT* signing to reaffirm either of them when you file. Just keep making on-time payments after you file. Most car lenders won't repossess because it makes more sense to them to have you paying than taking the car(s) and getting very little for them at auction. Ask your lawyer or during those free consultations about this too.I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.
06/01/06 - Filed Ch 13
06/28/06 - 341 Meeting
07/18/06 - Confirmation Hearing - not confirmed, 3 objections
10/05/06 - Hearing to resolve 2 trustee objections
01/24/07 - Judge dismisses mortgage company objection
09/27/07 - Confirmed at last!
06/10/11 - Trustee confirms all payments made
08/10/11 - DISCHARGED !
10/02/11 - CASE CLOSED
Countdown: 60 months paid, 0 months to go -
Originally posted by lrprn View Post
On the financed car I owe about what it's worth. The leased car is a new lease so I'm significantly upside down on that one. Thanks for the infoComment
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You will be able to keep both cars in California. It sounds like there is not equity in either car, so you won't have to worry about using any of your exemptions on that.Filed Chapter 7: 7/3/09
341 Hearing: 8/6/09 - Went Smoothly!
Discharged: 11/30/2009
Closed: 12/16/2009Comment
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