
05-17-2008, 09:09 PM
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Senior Member
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Join Date: Nov 2006
Posts: 455
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Quote:
Originally Posted by Ekaterina
Hi!!
We will be filing for bankruptcy really soon.
I have to give my nice car back this week since i can't afford payments every month which is 700$ monthly+insurance.
I got a used car..really cheap one..paid 700$ for it..
And i don't know if i should put my name on the title or my friend's.
The question -will i be able to keep this little car when filing for bankruptcy ?will it be exemped?What are the exemption laws of the State of Colorado..
I have 2 children and won't be able to survive without a car..
Please help..
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Contact a bankruptcy attorney in your area. Different jurisdictions have differing definitions of the assets that can be included in a bankruptcy. Generally, I believe work vehicles valued at or less than $3000 can be claimed as a personal property exemption but again, I can't stress strongly enough that you at least consult with a BK attorney in your area. I'd also as strongly suggest you attempt to hide nothing, i.e. title a vehicle in someone else's name; the courts don't look kindly on those who attempt to mislead.
I've forwarded a strictly informational link via private message above; this is only a summary, and not to be used in legal decisions. Hopefully, it'll help form the questions you need to ask during that prelim consultation. If already have an attorney, I'd suggest you make certain to go over your schedule of assets well ahead of time. Hopefully it's not too late to make sure that vehicle can be included correctly. (An opinion here, not to be construed as legal advice.)
Good luck.
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