Can I keep my car if I file for bankruptcy? By Brooklyn Bankruptcty Lawyer

My name is George M. Gilmer, Esq. I am a Brooklyn Bankruptcy Lawyer. People ask if they can keep their car if they file for bankruptcy. Then answer to this question is that it depends upon whether your car is exempt.

To determine whether your car is exempt you will need to figure out the current market value of your vehicle and minus whatever you owe the bank. For example if your car is worth $32,000 and you owe the bank $30,000 on the car, your car is actually worth $2000. New York allows you to keep your car if it is worth less than $2400, or to put it another way, you are allowed to exempt up to $2400 of value of a car in a Chapter 7 Bankruptcy case. If you have any questions about this post, or any other questions about bankruptcy feel free to reply or go to my website, http://www.gilmerlaw.com/Bankruptcy/Brooklyn%20Bankruptcy%20AttorneyLow%20FeesGet%20Rid%20of%20Bad%20Debt.aspx

What does it mean to get a discharge in Bankruptcy? by Brooklyn Bankruptcy Lawyer

I am a Brooklyn Bankruptcy Attorney with offices in Brooklyn, New York City. My web page is located at Brooklyn Bankruptcy Attorney.

A bankruptcy discharge releases a debtor from personal liability for certain specified types of debts. The discharge prevents creditors of the debtors from taking any form of collection action on discharged debts including but not limited to, legal action, telephone calls or letters attempting to collect on the debt. My office performs many different types of bankruptcies, including Chapter 11, 13 and Chapter 7. Chapter 7 will very often wipe out all of your debts.