djmacc Posted December 9, 2007 Report Share Posted December 9, 2007 I am thinking about Bankruptcy and I wondered about the seemingly low exemption amounts. Both my wife and I need a car to get to work. The one I drive is upside down in payments so I assume that is ok but my wife's car is paid off and probably has about 5000 in equity in it. Will they take that? Does the court consider how she will get to work? I have a full time job but I also have a small contracting business. I believe I read the court exempts up to $2000.00 in tools. I need (to perform my work) and currently own at least $7000.00 in tools will the trustee remove that and prevent me from getting on my financial feet again? Link to comment Share on other sites More sharing options...
willingtocope Posted December 9, 2007 Report Share Posted December 9, 2007 You need to talk to a couple of BK lawyers in your state. Most will give you a free consultation. Find one you feel comfortable working with....If both you and your wife are working, chances are you're making enough money that you'd be forced into a Chapter 13...exemptions get a little strange then... Link to comment Share on other sites More sharing options...
djmacc Posted December 10, 2007 Author Report Share Posted December 10, 2007 You need to talk to a couple of BK lawyers in your state. Most will give you a free consultation. Find one you feel comfortable working with....If both you and your wife are working, chances are you're making enough money that you'd be forced into a Chapter 13...exemptions get a little strange then... Thank you Link to comment Share on other sites More sharing options...
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