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Cars and bankruptcy? (NEW government rules)
A quirk in the law was corrected today. Now, if you file for bankruptcy and your car is worth less that $5,650, you may keep it. (Under the old rules, you had to give it to your trustee.) If your car is worth more than $5,650 and you want to keep it, you will have to pay your trustee the difference.This change will allow people who have to file for bankruptcy a better chance of starting over without any additional pressures being put on them.
If you would like some more information about this topic or have any other bankruptcy related questions, e-mail or call us at 310-PLAN.
posted by Benny Mendlowitz, CA CIRP, Trustee @ 10:50 PM
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