I was told because I own a couple of paid off vehicles and jet skis, that I cannot file a Chapter 7 bankruptcy. Is that true?
If I have a lot of paid off assets, cars, etc., am I not eligible to file a Chapter 7 Bankruptcy?
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Answer: (1)
If you have personal property that is completely paid off, you can still file bankruptcy. However, you will need to either give up the amount of personal property that is not protected in your state by the personal property exemption or you will need to pay back the amount at which the personal property is valued back to the creditors even though you filed a Chapter 7 bankruptcy if the Trustee allows.
Most of the time, however, these types of items don’t really hold any value and may be kept without any other issues during a Chapter 7 bankruptcy. Nonetheless, if these items do have value, contact a bankruptcy attorney in order to determine the best course of action in your situation.
Posted by Marina Ricci on 22 Jan 2010