SAVE YOUR CAR IN
CHAPTER 7 BANKRUPTCY IN LAS VEGAS!

YOUR CAR IN CHAPTER 7 BANKRUPTCY IN LAS VEGAS

YOUR CAR IN CHAPTER 7 BANKRUPTCY IN LAS VEGAS

Your Car In Chapter 7 Bankruptcy In Las Vegas!

How much equity your car or truck (vehicle) has determines what happens when you file Chapter 7 Bankruptcy in Las Vegas.

Eligible Nevada residents can exempt the first $15,000 in equity in their vehicles. Equity is defined as the difference between the value of the vehicle and liens and encumbrances.

Example: A car or truck worth $25,000 with a $10,000 loan has $15,000 in Equity

Lets look at a few common scenarios:

VEHICLE WITH A LOAN AND NO EQUITY

If your vehicle loan is more than the value of your vehicle, your vehicle “rides through” and is unaffected by the bankruptcy.

Example: Vehicle value $20,000 with a $25,000 loan = No Equity

If you want to keep your vehicle and you are current on your vehicle payments, continue making regular vehicle payments and your vehicle is unaffected by the bankruptcy. The best part is after you receive your bankruptcy discharge if you stop making vehicle payments, the bank can only repossess the vehicle but they CANNOT hold you personally liable since your personal liability was wiped out as part of your Chapter 7 Bankruptcy discharge.

If you want to keep your vehicle and you are not current on your vehicle payments, consider Chapter 13 Bankruptcy that has many options that may allow you to keep your vehicle for less that the amount you owe.

If you do not want to keep your vehicle, you can “let it go” and the loan company cannot hold you liable since your personal liability was discharged (wiped out) as part of your Chapter 7 Bankruptcy discharge. It does not matter if you are current on the loan payments or not.

Regardless if you are current on the payments, you can also file a Redemption, which allows you to buy the vehicle for less than the amount of the loan:

Example: Vehicle worth $10,000 with a $25,000 loan.

If you can pay $10,000 to the creditor immediately after filing Chapter 7 Bankruptcy (such as by a loan or gift from family or friends), you can keep the vehicle for only $10,000 and get rid of the $25,000 loan!

VEHICLE WITH A CAR LOAN AND EQUITY

If your vehicle has equity, use the following examples as a guide.

Example: Vehicle worth $50,000 with a $10,000 car loan = $40,000 Equity

If you want to keep your vehicle and you are current on your loan payments, you can keep the first $15,000 in equity (eligible Nevada residents).

In other words, using the example above, if you file Chapter 7 Bankruptcy and you want to keep your vehicle, you must pay the trustee $25,000 in order to keep the vehicle.

$50,000 value – $10,000 car loan – $15,000 vehicle exemption = $25,000 non-exempt Equity

If you cannot pay the trustee, then trustee will sell the vehicle, pay off the car loan with the proceeds and give you up to $15,000 (minus trustee expenses).

If you want to keep the vehicle but do not have $25,000, consider Chapter 13 Bankruptcy that allows for flexible repayment options allowing you to keep your vehicle.

VEHICLE WITH NO LOAN (ALL EQUITY)

If you own your vehicle outright with no loan, you can keep up to the first $15,000 in equity.

Example: Vehicle worth $15,000 or less with no loan or encumbrances (judgments, etc.)

In this example, you can file Chapter 7 Bankruptcy and your vehicle is unaffected by the bankruptcy.

_____

To find out if a Bankruptcy in Las Vegas is right for you, take the first step by scheduling a consultation. Here is what you can expect:
• Attorney Colmenares will personally review your entire financial situation and develop a debt relief plan that is custom tailored to your specific needs. All information remains strictly confidential.
• If Bankruptcy is right for you, we will let you know the cost and what paperwork you need to provide. There are no hidden fees.
• With as little as $100 down* you will be able to tell your creditors you are now represented by Attorney Colmenares. This should stop debt collectors from calling and harassing you.
• If Bankruptcy is not right for you, we will advise you of your non-bankruptcy alternatives.

Schedule Your BANKRUPTCY CONSULTATION.

PERSONAL STATEMENT FROM ATTORNEY NEIL E. COLMENARES

Testimony

"Upon my first contact with Atty. Neil I felt at ease with talking to him about my having to file for bankruptcy. He was very professional and personable and explained everything in detail what I would have to do. As such, I returned to him with all my records and data in order. Afterwards he explained the next processes that I would have to follow. Because I was fully prepared his job to present it to the court was prudent and expeditious. As a result, my case was completely settled in less than three months. Neil is a man of his word and action and I certainly would recommend him to anyone in need of legal service, but with a word of advice, I would recommend that you should be prepared to do whatever he requests in order to expedite your case."
Judy W.
"When the housing market tanked and i got laid off I needed help with a short sale of my home. Mr. Colmenares was recommended to me by a co-worker. Mr. Colmenares made the process as painless and smooth as possible. I highly recommend Mr. Colmenares to anyone who is in the same position as I once was. If your looking for a pro on your side, look no further."
Steve W.
"Neil's a very reasonably priced lawyer. Handled my case promptly and professionally. Couldn't ask for better results. Saved me thousands of dollars and avoided costly lawsuits. Will definitely use Mr. Colmenares for future legal needs."
Emaan O.
"The best attorney I have ever dealt with. He made me feel good about going to see an attorney. Anytime I had questions in the process, our calls were answered promptly, He always got back to me and I never had to case him down. Mr. Colmenares even went out of his way to let me see him late on a Saturday. He's not like any other attorney that only cares about your money. He answered all my questions in detail. and gave me advice in how to situate my problems. I didn’t even have to ask him questions because that’s how specific and detailed he was. It was like he read my mind. Always thinking ahead, and was on top of my case. Worth every dollar spent. Highly recommend."
Jack H.