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Alger Bankruptcy Services

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If a person declares bankruptcy and owns a vehicle with another person as joint owners, may he keep the vehicle? Does co-ownership make the vehicle safe?



Alger & Associates Inc.



Jun 09, 2013



Co-ownership itself does not protect the vehicle. If the vehicle is co-owned, the bankrupt's interest in the vehicle is exempt up to a value of $5000. If the value of the bankrupt's interest is more than $5000 the bankrupt will be required to pay to the Trustee the amount above $5000. The Trustee will arrange to have the vehicle appraised to determine it's liquidation value. Please call me to discuss this issue in more detail. Thanks for the question.

Marie Kozlowski
T 403-296-3082


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