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    Ownership ??

    How is ownership with regards to cars, boats, motorcycles determined when a husband and wife file together?

    #2
    If you both file, joint ownership is generally assumed, and frankly it really doesn't matter. How you exempt the items depends on how your states exemptions laws work, i.e. do they allowing doubling (most do), etc.

    For example, if you have 2 cars, the wife applies here exemption to car 1, and the husband applies his exemption to car 2, etc.

    "Actual" ownership is really only an issue if only ONE spouse files.

    Comment


      #3
      "the debtor's interest in any property, not to exceed $1,000 in value, plus up to $7,000 of any unused amount of the exemption provided under paragraphs III, VI, VIII, IX, XVI, and XVII of section 511:2. "

      NH does not allow doubling persay. Each person is entitled to the full exemption in his ownright.

      If a couple has only one car without a lean and the car is valued at $7500 and the state exemption for a car is $4000 and the husband claims the exemption, this leaves $3500 in equity. The wife could use her $4000 car exemtion to protect the car and use the other $500 per the above pasted paragraph.

      Provide she has an interest in said car.

      This scenario could apply to any property. If wife does not use up all of her exemptions in the above paragraph she could use the unused exemtions on any property provided she has an interest in it. IE: instead of "my" boat,motorcycle, guns etc it has to be ours.

      Some of our vechicles are registared just in my name and some in just hers. I know my state NH is a community property state with regards to divorce. "Whats mine is hers". One would assume this applies to BK also. correct?

      Comment


        #4
        Originally posted by 325Falcon View Post
        I know my state NH is a community property state with regards to divorce. "Whats mine is hers". One would assume this applies to BK also. correct?
        Actually the only states that are community property states are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin - http://www.divorcesource.com/tables/...fication.shtml

        New Hampshire is not a community property state for divorce or bankruptcy.

        However, for divorce, many states, including New Hampshire, do recognize equitable distribution - see above website link plus here's an explanation of equitable distribution - http://family-law.freeadvice.com/div...stribution.htm .

        Equitable distribution has no bearing in bankruptcy unless you and your spouse are getting divorced right before or after one of you declares bankruptcy and impacts who is responsible for what assets and debts.
        I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

        06/01/06 - Filed Ch 13
        06/28/06 - 341 Meeting
        07/18/06 - Confirmation Hearing - not confirmed, 3 objections
        10/05/06 - Hearing to resolve 2 trustee objections
        01/24/07 - Judge dismisses mortgage company objection
        09/27/07 - Confirmed at last!
        06/10/11 - Trustee confirms all payments made
        08/10/11 - DISCHARGED !

        10/02/11 - CASE CLOSED
        Countdown: 60 months paid, 0 months to go

        Comment


          #5
          I stand corrected on the community property thing.

          The point I was trying to convea is that in a divorce situation the the property is split down the middle. Or at least thats how it is sopposed to work.

          So in a divorce even if the boat is registered and titled only in the husbands name the wife will still get her share in said boat. Correct?

          So along these same lines in a BK case could a trustee stop the wife from claiming her share of the boat as exempt based on the fact that the boat is registared and titled only in the husbands name?

          Comment


            #6
            Originally posted by 325Falcon View Post
            So in a divorce even if the boat is registered and titled only in the husbands name the wife will still get her share in said boat. Correct?
            Depends on the income and asset distribution in the divorce settlement.

            So along these same lines in a BK case could a trustee stop the wife from claiming her share of the boat as exempt based on the fact that the boat is registared and titled only in the husbands name?
            Depends on the chapter you file and your state exemptions. HHM's response to you earlier in this thread holds true in this situation too.

            325Falcon,. have you met with at least one bankruptcy lawyer in your area yet? You need to make appointments with at least 2-3 - most give free initial consultations. Sometimes our "what ifs" will drive us crazy until we find out that the "what ifs" we are most worried about aren't a problem in our case.
            I am not a lawyer and this is not legal advice nor a statement of the law - only a lawyer can provide those.

            06/01/06 - Filed Ch 13
            06/28/06 - 341 Meeting
            07/18/06 - Confirmation Hearing - not confirmed, 3 objections
            10/05/06 - Hearing to resolve 2 trustee objections
            01/24/07 - Judge dismisses mortgage company objection
            09/27/07 - Confirmed at last!
            06/10/11 - Trustee confirms all payments made
            08/10/11 - DISCHARGED !

            10/02/11 - CASE CLOSED
            Countdown: 60 months paid, 0 months to go

            Comment


              #7
              Spoke with 3 and I have one retained already.

              Comment


                #8
                "registered ownership" did seem to be a concern to the lawyer so I am tring to nail down the answer for my case.

                Comment


                  #9
                  What was the concern?

                  Your lawyer is going to know better than us regarding the "specifics" of NH law and bankruptcy procedure.

                  Comment


                    #10
                    I havent seen on this board what happens to time shares in bankruptcy, We currently hace a Disney time share worth 14,000 of which we owe 11,500. How is this looked upon in bankruptcy?????

                    Comment


                      #11
                      A timeshare is an asset like anything else. So, if you cannot exempt it, it can conceivably be taken by the trustee. The other caveat, BK courts do not allow the dues as an expense.

                      Most people simply surrender their timeshares when they file BK.

                      Comment


                        #12
                        During our 341, the trustee asked if we are keeping our TS(fully paid for) and we said YES.
                        No objection other than perhaps a 'raised eyebrow'.

                        Where did you get the price of the TS? I guess the trustee can force you to let it go due to high balance amount and maintenance dues associated with it. But as everything else, each case/trustee is different so who knows what will happen until your petition is filled and confirmed.

                        Comment

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