I am a Bankruptcy lawyer with an office in Brooklyn, New York. Many clients ask me, "if I file for Chapter 7 Bankruptcy will I be able to keep my car."
The answer is, it depends.
The Trustee (the person assigned to administering your bankruptcy case) will have to determine if you car is exempt pursuant to the Bankruptcy Code. To determine whether your car is exempt you need to figure out the current value of your car, i.e the fair market value of your vehicle minus whatever you owe the bank. For example, if your car is worth $32,000 and you owe the bank $30,000 then you have $2,000 in equity on your vehicle. New York currently exempts the first $2,400 in equity in a vehicle. Here you would be allowed to keep your car because you do not have more than $2,400 in equity in your vehicle, you only have $2,000 of equity. Now if you own a vehicle with no liens and a wholesale value of $5700, a Chapter 7 trustee in a New York case could theoretically sell your car and pay your creditors (the people you owe money to) somewhere around $3300 ($5700 minus the exemption of $2400 that you are entitled to claim). Trustees have also been known to abandon property, which is within the discretion of the Trustee. This may happen when the costs of selling the property are too high in comparison to what the property is worth.
For a fee from $399* (plus $25 for a credit report) plus the applicable court fees ($299 to file the petition with the court and around $100 for debt counseling services as required by the Court), I will:
(a) Analyze your financial situation and render advice and assistance to you to determine whether to file a petition under the Bankruptcy Code.
(b) Prepare and file your petition, schedules, statement of financial affairs and other documents required by the Court.
(c) Represent you at the 341 Meeting of the Creditors.
(d) Direct you to approved debt counseling services.
(e) NO HIDDEN FEES.
The $399 legal fee varies depending upon the complexity of your case. For example, if you make under $40,000 per year and have less than $10,000 debt, the total cost of your bankruptcy including the applicable court fees will be about $900. If you make under $40,000 per year and have between $10,000 and $20,000 in debt, your total cost will be about $1100.
My rates still compete with or are even less than these document preparation services, plus, I DO EVERYTHING FOR YOU.
We are a Debt Relief Agency. We assist people to file for relief under the Bankruptcy Code.
Please be advised that this is Attorney Advertising. This Advertisement is designed for general information only. The information presented in this Ad should not be construed to be neither formal legal advice nor the formation of a lawyer/client relationship. Prior results do not guarantee a similar outcome.
Evening and Weekend appointments available.
Flexible payment plans.
ALL MAJOR CREDIT CARDS ACCEPTED!
George M. Gilmer, Esq.
943 Fourth Avenue
Brooklyn, New York 11232
718 864 2011 (cell)
718 788 0100 (office)
718 788 1611 (fax)
georgethelawyer
georgethelawyer@aol.com
http://www.gilmerlaw.com
http://www.gilmerlegal.com