If I recently filed Chapter 7 pro se bankruptcy court, what can I do about exempt property?

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If I recently filed Chapter 7 pro se bankruptcy court, what can I do about exempt property?

My state statute says that a vehicle up to $3000 is exempt; my blue book value is $2125.00. I owe a mechanic $800 and a title loan of $1039. So would this be considered exempt and will I get to keep the car or will the title loan reposess it? Will I have to reaffirm the debt? The title loan interest rates are outrageous and I have paid over the last 13 months more that I recieved for the loan. I’m confused by the law and just needed some help.

Asked on February 18, 2013 under Bankruptcy Law, Missouri

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

The creditors with respect to the vehicle unless they are secured would be able to not be paid in the matter that you have written about where such debts would be discharged and you would be able to retain your vehicle free and clear since it is worth less thn the $3,000 per bankruptcy rules and regulations. The $800 debt would be discharged as to the mechanic. If the loan is secured for the car, you would have to reaffirm it if you want to keep it.


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