bankruptcy south carolina
Im filing bankruptcy and I need help with a question.?!?
Ok, I live in South Carolina, and by law when you meet with the trustee, you are allowed to have $1.200.00 in your possesion that he/she isn’t allowed to touch. Now when I filed my papers, it gave me the option to file an exemption on my car for an additional I guess $1.200.00. My car is paid off. With the $1200 that I’m allowed to have and then putting the exemption on my car of $1200, does that mean that I am now allowed to have $2400? Or would the $1200 exemption just act like it’s not there and then I would be back to the $1200 that I’m allowed to have? I am confused and don’t want to lose my only car. Please Help!!!
In South Carolina they don’t have a law that allowes you to keep one car per person.
Your legal question is obviously a question for the lawyer. I dont know about your state but I do know that it’s the equity in the car they are counting as $1200. That means if your car is worth let’s say $5,000 you owe the difference ($3,800 in this example) to your creditors. The trustee can and probably will make you sell the car to pay the creditors that balance of equity. If your car is worth LESS than $1200, you’re fine. They won’t take the car or its equity from you. As the law sees it, it’s not right for you to keep all equity and claim bankruptcy. You wouldn’t be bankrupt if you sell your belongings which is why they make you account for computers, jewelry, collectibles, etc.
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