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I have a question about vehicles?

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  • I have a question about vehicles?

    So we live in MD and we are just starting the process. Just retained our attorney last Thursday. We have 4 vehicles in our name. One is a lease that is up in Dec. That is my husband's car. What happens with leases? Would he be able to keep it and buy it? Would he have to relinquish it? Could he get another lease? My van is a 2008 Toyota Sienna. Our daughter has a 2008 Toyota Corolla and our oldest son has a 2012 Honda Civic. We got them those cars in 2007 and 2011 and they have been their cars ever since. However they are in our names. UGH. I am so worried about their cars. It seems from what I have been reading...YOU ARE BETTER OFF OWING on your cars so that you can keep them. My older son and daughter are out on their own graduated from school and working. I am freaking out about their cars.

  • #2
    The cars may not be a problem. You are allowed to pay things for dependents. If they are in college you may have a chance to keep the vehicles because they are still dependents (and living at home?). If they are married, out of the house, and independent, this could prove difficult. I was able to keep vehicles for myself, spouse, child in college (living at home) and my elderly mother. Your real issue may be the equity in vehicles anyhow.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog


    I am not an attorney. Any advice provided is not legal advice.

    Comment


    • #3
      Originally posted by justbroke View Post
      The cars may not be a problem. You are allowed to pay things for dependents. If they are in college you may have a chance to keep the vehicles because they are still dependents (and living at home?). If they are married, out of the house, and independent, this could prove difficult. I was able to keep vehicles for myself, spouse, child in college (living at home) and my elderly mother. Your real issue may be the equity in vehicles anyhow.
      Our oldest son with the civic just finished school in July. He was our dependent on last year's taxes and we paid for his college apt. and such through end of July. Our daughter graduated in 2013 and moved out in 2015 but we just never thought to transfer it to her. She is getting married next year but she is officially out of the house. DUMB MOVE on our part to not do this before now. UGH

      Comment


      • #4
        Other than the lease, are any of the other cars paid off? That's going to be the issue... the equity. As for the lease, you can reject the lease (get rid of it), or continue the lease until it matures. At the point the lease matures you can decide, if you didn't reject the lease in the bankruptcy, whether you want to buy the vehicle or return the vehicle. Whether or not your husband would qualify for a new lease or loan is too fact specific (and income, credit, and lender specific) that I can't speculate on whether he'd be able to obtain a new vehicle immediately after filing.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog


        I am not an attorney. Any advice provided is not legal advice.

        Comment


        • #5
          Originally posted by justbroke View Post
          Other than the lease, are any of the other cars paid off? That's going to be the issue... the equity. As for the lease, you can reject the lease (get rid of it), or continue the lease until it matures. At the point the lease matures you can decide, if you didn't reject the lease in the bankruptcy, whether you want to buy the vehicle or return the vehicle. Whether or not your husband would qualify for a new lease or loan is too fact specific (and income, credit, and lender specific) that I can't speculate on whether he'd be able to obtain a new vehicle immediately after filing.
          They are ALL paid for. That is the problem. UGH!! Everything I have read makes it seem better to still have LOANS out on them. My husband's lease is up in Dec. I read somewhere, not sure if it was on here or not but that if you could prove that the vehicles were being used exclusively by your kids and always have then maybe the trustee would leave them be. Not sure if that is true.

          Comment


          • #6
            Have you talked to your attorney about this? If your son and daughter are paying expenses related to their cars, you may be able to argue that they are the true owners of the cars. If the cars were purchased when they were minors, that fact may help too. The cars were always theirs, but you held title because they were minors and you didn't think to change that after their 18th Birthdays. Worst case if the argument doesn't work and you can't exempt the cars is that your kids may need to be ready to buy the cars from the trustee or give them up.
            LadyInTheRed is in the black!
            Filed Chap 13 April 2010. Discharged May 2015.
            $143,000 in debt discharged for $36,500, including attorneys fees. Money well spent!

            Comment


            • #7
              Originally posted by LadyInTheRed View Post
              Have you talked to your attorney about this? If your son and daughter are paying expenses related to their cars, you may be able to argue that they are the true owners of the cars. If the cars were purchased when they were minors, that fact may help too. The cars were always theirs, but you held title because they were minors and you didn't think to change that after their 18th Birthdays. Worst case if the argument doesn't work and you can't exempt the cars is that your kids may need to be ready to buy the cars from the trustee or give them up.
              We have only met once with our attorney once so far. We are in the process to getting the packet of info he needs and all the documents copied he needs. Ugh this really scares me! 😬

              Comment

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