Can anyone explain why we cannot do the following: Amend the Schedule D and F along with the Schedule C, taking my father off the secured creditor schedule and adding him to unsecured, then putting both cars on the list of exempted property (obviously, we would have to come up with the difference between the vehicle exemption ($3,000 in Idaho) and the value of the white van ($7,250) and pay that to the trustee. This would seem to be a solution. My father has said that he would loan us the difference so that we do not lose the one really reliable vehicle that we have.
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Can anyone explain why we cannot do the following: Amend the Schedule D and F along with the Schedule C, taking my father off the secured creditor schedule and adding him to unsecured, then putting both cars on the list of exempted property (obviously, we would have to come up with the difference between the vehicle exemption ($3,000 in Idaho) and the value of the white van ($7,250) and pay that to the trustee. This would seem to be a solution. My father has said that he would loan us the difference so that we do not lose the one really reliable vehicle that we have. -
WELCOME TO "CATCH 22"......................
Since your father does not have a lien on the title - NOW the Trustee has the authority to take the vehicle or make you pay him for it at full face value......
I'ts called a "unperfected title" - and they WILL NOT LET YOU CORRECT THE PROBLEM........
They took my home for the same kind of "unperfected title" - the bank did not have a lien on the title to the mobile home, thus their lien on the mortgage was no-good.
Yes you will have to buy back the van from the Trustee or loose it completely.
And NO, THEY WLL NOT BE NICE TO YOU AND LET YOU CHANGE EVERYTHING - especially titles.........
I KNOW - I LOST MY HOME BECAUSE OF IT................
Sorry to hear this happened to you too.....
Be glad it wasn't the roof over your head.....
MinnyMinny
"It's amazing the paths that our feet sometimes follow in life".
My suggestions are from "personal experience" and research only. Do not consider this as legal advice. Each bankruptcy case is different. -
That just doesn't make sense. If my father doesn't have a lien, then it would seem to me that my husband and I have a clear title. Then, it would seem that we could use our vehicle exemption on it and only have to pay the sum over that exemption to the trustee to redeem it. I talked to a couple of attorneys here (I'm a legal secretary, although one who does not work for bankruptcy attorneys). The attorney I work for thought we could amend and use our exemption and put in a call to a bankruptcy attorney who also thought we could use our exemption. I understand having to redeem the vehicle and pay the trustee what is not covered by our exemption - I just don't understand not getting any exemption. I'm not asking to change the title and put my father on it - I just don't want to have to pay full value and not be able to use our exemption.
Can you point me to the bankruptcy code provision or other writing that explains why we can't do that? I'd like to understand it.
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