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    Minor child's vehicle

    ok, so i have a vehicle i'll be reaffirming.... owe more than its worth... the exemption in our state is 2150... can they take my 16-year-old daughter's vehicle? It's titled and registered in HER name, by the way -- you can do that in our state... it's probably worth right around 2000.

    #2
    While the vehicle may be registered in your 16 year old daughter's name and titled in her name, your name is on the car loan and you can bet there is a lien on the title under your name. Your 16 year old is a minor and even though her name is not associated with your bankruptcy, she is a member of your household and I am sure you include her as a dependent when filing your federal and state taxes. Also the car insurance for the vehicle is also in your name due to her age and depencency. Have you reviewed your state laws surrounding the vehicle being in her name at age 16 and any rights she has or you have as to that? If not, contact your Division of Motor Vehicles (there may be information online since it is state related) to see if there is any protection there, but I highly doubt it.
    _________________________________________
    Filed 5 Year Chapter 13: April 2002
    Early Buy-Out: April 2006
    Discharge: August 2006

    "A credit card is a snake in your pocket"

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      #3
      there is no loan on the car

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        #4
        In your original posting you state you "owe more than it's worth" then you state you have no loan?
        _________________________________________
        Filed 5 Year Chapter 13: April 2002
        Early Buy-Out: April 2006
        Discharge: August 2006

        "A credit card is a snake in your pocket"

        Comment


          #5
          Originally posted by Flamingo View Post
          In your original posting you state you "owe more than it's worth" then you state you have no loan?
          I think the original poster meant to say that he/she has one car that he/she wants to keep/reaffirm - but that the daughter's car is already fully paid.

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            #6
            yes, magyar123 is correct.... I have my own car that has a loan...no equity... i'd like to be able to keep daughter's.

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              #7
              I'm sorry - I read the original posting as the vehicle being one and the same...just the way the post is worded...anyway, is your daughter is a member of your household and do you claim her on your taxes? Is the car insurance covering her in your name or is the car insurance in her name and that is why the title and registration are in her name? Since she is a minor, her possible dependency on you and due to the other items you mention (the practice of allowing a minor in your state to have a car title and registration in their own name) I would bring this matter up with your attorney. The issue is is that vehicle her asset or your asset as her parent.
              _________________________________________
              Filed 5 Year Chapter 13: April 2002
              Early Buy-Out: April 2006
              Discharge: August 2006

              "A credit card is a snake in your pocket"

              Comment


                #8
                yes, she's my dependent...16.... the insurance she has is a completely separate policy... it is in my name, but she's the only one listed on the policy... as the primary operator. I gave her the car for her 16th birthday.... i'm looking at claiming hers under the auto exempt if need be... and claiming mine under business 'tools of the trade' (as it is used 90% for business and is considered 'heavy equipment' --- large suv)....maybe i can save both.

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