top Ad Widget

Collapse

Announcement

Collapse
No announcement yet.

Two cars paid off in my name

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

    Two cars paid off in my name

    HI all,

    I have to car's titled to my name. A 2002 chevy with 150,000+ miles is driven by me (paid off long ago) and the 2002 Honda 100,000+is driven by my former gf (recent break up) I am considering filing and unsure if it will be 7 or 13, my question is what should I do about her car? It is paid off and she continues to drive it, should I sell it to her and title it in her name or how should we proceed? I don't want to raise any red flags, though both in my name we both paid on them equally. So my concern is that they will require me to sell one of them or something?

    Any thoughts or advice is greatly appreciated!

    Thanks

    #2
    What are the cars worth? Can you use wildcard exemptions?
    Chapter 13 Filed (Pro Se) - 9/30/09
    Confirmation Date - 12/1/09
    Stats - $1752/month, 29/36 completed, 4% to Unsecured, Lien Stripped 2nd Mortgage

    Comment


      #3
      kbb r
      eports private sale value of one is 2000 and the other is 4000

      any thoughts?

      Comment


        #4
        What state are you filing in? If you can use federal exemptions instead of state you should be ok. It doesn't sound like you have a house you want to keep? If you can use federal exemptions you can use the car allowance to protect one and the wildcard and unused homestead exemptions for the other.
        Case Closed > 2/08/2010

        Comment


          #5
          Filing in illinois and do have a house to keep

          Comment


            #6
            Do NOT turn over the car to your ex girlfriend. That will constitute a "fraudulent conveyance" and the trustee will go after your girlfriend for the value of the car.

            The cars both probably can fit under your exemptions if you are using federal exemptions.
            You can't take a picture of this. It's already gone. ~~Nate, Six Feet Under

            Comment


              #7
              If you transfer the car to her name, it will lead to trouble. If you sell her the car, you'll need to show that she is paying fair market value. Which could be a problem since you indicate you both paid for it already.

              Since they are both older, higher mileage and not great in value, I agree with the others to discuss with your attorney and try to exempt both. On the bright side - they're low value enough that hopefully the trustee sees no reason to go after them.

              One point - if you ultimately file ch. 13 it won't be as important.
              Get mortgage modified: DONE! 7 months of back interest payments amortized, payment reduced over $200/mo
              (In the 'planning' stage, to file ch. 13 if/when we have to.)

              Comment


                #8
                If she had a lien on it, for close to the value of the car, the vehicle would be protected. You would need to be able to show that the amount of the lien was spent on living expenses.
                1/15/10 Filed ch7 2/18/10 314 meeting
                2/22/10 Report of No Distribution
                4/20/10 Discharged 5/20/10 Closed!

                Comment

                bottom Ad Widget

                Collapse
                Working...
                X