Frequently Asked Questions About Bankruptcy

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margo snyder May 26, 2010 at 10:15 pm

My daughter is going to file bankruptcy. She does not have any assests and drives a very old 1996 car with a couple hundred thousand miles on it. I’d like to buy her a new car but am wondering what the implications would be. Could they seize the car? If I put it in both our names, could they seize it then? She has nothing…and I’m trying to help her get back on her feet.
Thank you,
Margo Snyder

admin June 9, 2010 at 7:24 pm

Ms. Snyder,

The timing of your daughter’s bankruptcy might be better served to be filed before your purchase of a new vehicle. In the state of Florida, personal Ch. 7 debtors have a vehicle exemption of $1,000 for vehicles with equity. For vehicles that are financed, debtors often use reaffirmation agreements ( an agreement outside of bankruptcy where the debtor promises to keep paying on the vehicle/other item and the financing company agrees not to repossess the item) to keep the vehicles. You may have other opportunities to achieve your desired result. Please give me a call or an email to set up a FREE CONSULTATION either at my office or over the phone. 813-413-1300 or Justin@floridabankruptcyattorneys.com. Thanks!

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