John has filed for Chapter 7 bankruptcy. He listed the following secured debts: His Ford truck worth $13,200 with an outstanding loan of $10,000, and his wife's car that is worth $8,500 and has an outstanding loan of $9,400. John's wife did not file for bankruptcy, but he is on the promissory note. John also transferred his 2006 Ford F150 with 217,000 miles to his son. Applying the exemption amounts in your state, what would you advise John.

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The Answer of John has filed for Chapter 7 bankruptcy. He listed the following secured debts: His Ford truck worth $13,200 with an outstanding loan of $10,000, and his wife's car that is worth $8,500 and has an outstanding loan of $9,400. John's wife did not file for bankruptcy, but he is on the promissory note. John also transferred his 2006 Ford F150 with 217,000 miles to his son. Applying the exemption amounts in your state, what would you advise John.

John Has Filed for Chapter 7 Bankruptcy