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Under the new legislation, the first $5,650 is exempt from seizure. For example, if the car is valued at $5,651, the bankrupt person has to pay the difference of $1 ($5,651-$5,650) to the trustee.
This new wording will help people filing bankruptcy to keep their car, and help them get a fresh start.
To discuss your financial situation and develop a plan that is right for you e-mail a question.
posted by Rebecca Martyn, CGA, CIRP, Trustee @ 9:43 AM
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