Under Ga bankruptcy chap 7 can they take a paid off second car?

Question

Say I do voluntary repo on a financed car, then I file Chapter 7 in the next few months. If I buy a car for cash (cheap car) can they take it (you gotta have a car)? I do a repo on my current car then buy like a $500 car can they take that during a chapter 7 or should I register it in someone else's name?

Answer 1

You are the reason it's difficult for others to get loans, borrow at a favorable rate, and have to jump through hoops.

I hope you get what you deserve.

Answer 2

While BK is a Federal process each state does have it's own set of Exemptions.  For Motor Vehicles you are allowed a $3500 exception in GA so as long as your car is less than that you are fine.  What ever you do DO NOT try and hide it by putting it in someone else's name.  As you said you "gotta have a car".  The Trustee is going to ask what you are doing for a car.  If the Trustee figures out that you paid but put it in another person's name you are going to be in serious trouble, and could be charged with Fraud.

Now, it takes them 2-3 months to Repo a car.  If you are going to file for Chapter 7 in the next few months, it might be better to just stop paying on the car and add it to the BK.  Then you can just turn it in as part of the Bankruptcy.

Just keep in mind that Bankruptcy can be a complicated process and you should consult an attorney BEFORE you decide to do anything.

Answer 3

first of all BK laws are federal-- once you have filed then you can pay cash for a car