if I file chapter 7 I am retired and in credit card debt can I not file on my car which is new and leased. or will I have to give up my car
Whether or not you'll have to give up car depends on how the Trustee deems fit to have your assets liquidated so as to satisfy your debt obligations.
Thanks for asking a question in OVLG Answers. We also confirm that we received your email sent at firstname.lastname@example.org. If you meet the eligibility criteria and file for Chapter 7, you'll need to submit a list of all your tangible properties (including your leased car) with the bankruptcy court.
The bankruptcy trustee may cancel some or all your debts. On the other hand, he/she may liquidate some or all your properties to satisfy your creditors. Still, you have to list all your properties.
You may request for exemption, though! However, before you proceed with the whole thing, you should consult an experienced and efficient bankruptcy practitioner in your state.
You may visit http://www.ovlg.com/bankruptcy/chapter7.html to know more about filing Chapter 7 bankruptcy - eligibility, role of bankruptcy trustee, creditors’ meeting and many more.
On the other hand, you can also get in touch with one of our of counsel attorneys to help you with your filing by visiting this page http://www.ovlg.com/attorneys/.
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Last Updated on: Fri, 8 Jun 2018