over auto exemption amount

tkharvey · 10-13-2009, 08:01 PM

Here's my scenario, we are over our total exemption amount by about $2,400 due to two vehicles being completed paid off as well as our household items, etc. Long story short, the credit union repo'd my daughter's car last spring even though we were current on payments due to "cross collateralization" of a Visa we were including in our BK that we were delinquent on. In order to get the car back, my father in law wired the money into my daughter's account, and she in fact paid the car off. However, the title is in my name because I financed the car for her when she was a minor. She is making payments of 200 a month to him until it's paid off (still owes about 4,000) and have copies of the checks, etc. My lawyer said I cannot transfer title now, right before filing, as it would surely raise a red flag to trustee. But we would be considered a "no asset" case if the value of this car isn't included in our exemptions, especially since it's my daughter's car. Any chance of proving to the trustee that this is not my car (even though I'm on the title). Anyone have experience with this?

pcn · 11-06-2009, 07:19 PM

Are you sure you're really over the total amount? Did your atty look over the values and suggest any that might be too high? If there is no wiggle room, can you buy back the vehicle? That is what we are looking at with ours, since they are completely paid off, and over the exemption amount. I have read that some states will allow you to make payments to the court, interest free, over as much as 12 months.

10-13-2009, 08:01 PM	#1
tkharvey Registered User B/F Newbie Join Date: Mar 2009 Posts: 106	over auto exemption amount Here's my scenario, we are over our total exemption amount by about $2,400 due to two vehicles being completed paid off as well as our household items, etc. Long story short, the credit union repo'd my daughter's car last spring even though we were current on payments due to "cross collateralization" of a Visa we were including in our BK that we were delinquent on. In order to get the car back, my father in law wired the money into my daughter's account, and she in fact paid the car off. However, the title is in my name because I financed the car for her when she was a minor. She is making payments of 200 a month to him until it's paid off (still owes about 4,000) and have copies of the checks, etc. My lawyer said I cannot transfer title now, right before filing, as it would surely raise a red flag to trustee. But we would be considered a "no asset" case if the value of this car isn't included in our exemptions, especially since it's my daughter's car. Any chance of proving to the trustee that this is not my car (even though I'm on the title). Anyone have experience with this?

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11-06-2009, 07:19 PM	#2
pcn Registered User B/F Contributor Join Date: Feb 2009 Location: Alabama Posts: 340	Are you sure you're really over the total amount? Did your atty look over the values and suggest any that might be too high? If there is no wiggle room, can you buy back the vehicle? That is what we are looking at with ours, since they are completely paid off, and over the exemption amount. I have read that some states will allow you to make payments to the court, interest free, over as much as 12 months.