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what are exemptions in az.

Edited by ruttie

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I don't know how much the bike is worth, but the Escalade shouldn't have too much of a book value. You are allowed to keep a certain amount of assets in CH7, $20k or so iirc??

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You might want to move this to the Bankruptcy forum for more knowledgeable people to answer, but I believe we were able to use our personal property exemptions toward our cars too - we did not have to surrender anything and we had 2 cars we owed on and 2 classic cars. You value everything at "garage sale" prices, so make sure when you're looking up book value not to add in options, etc. Have you signed on with this attorney? You may want to look for someone more aggressive.

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My husband & I are ready to file BK 7. The problem is we only have 2 actual assets, He has a PIF Harley & I have a PIF Escalade(9 yrs. old) The attorney said that we would have to either trade them in for a new vehicle,that has no equity or sell them & show that we have been using the money to live on. We filed a corp BK 7 last year & alot of the creditors are starting to come our way, so over 50% of our debt is business, which means we don't have an income problem, even though we both do not have an income right now. My question is, & this is not legally stated, can I get a contract for sale on the harley, take several paymnets,show that I have been putting the money in the bank to live on & when the sale price is all shown in the bank acct. just dropped the insurance & say that the bike was sold, but we do not really know the buyer & since he was from out of state, if/when he will register the bike? We tried to trade the bike in, but they want 20%down w/ interest of 22%, screw that. I have never in my life been asked anything except my SS#, to buy anything, barely even had to fill out a credit app., but now we are like we are lepars. What can I do, to try & save this for him, he really loves this bike & may not ever get another one.

The reality is this is not an exempt asset and the bankruptcy trustee's job is to ensure assets that aren't exempt go towards paying creditors. While it may seem unfair, your creditors would feel it unfair that you keep the bike while their debts go unpaid.

Edited by Dr. Evil

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