Are two vehicles allowed?

[treehugger1]

In a 13, is one allowed to keep all of their secured vehicles? One vehicle I purchased new in November, and the other vehicle I still have four years of payments on. Do you think I would be forced to let go of one of the cars? I do need both. I don't drive the Subaru except in winter and I live in a very wintery area. The newer Toyota gets far better gas mileage. I put approximately 1800+ miles on vehicles per month for my job. As you can guess, I'm upside down on both vehicles. The auto I bought in November already has 12K miles on it so its value is not even close to what I paid for it. I believe I can cram down the Subaru as it has been financed for more than 900+ days. I'm single, but I really do make use of the two very different types of vehicle. Since they are both secured, can I keep both in a 13?

[demismom]

I'm not certain

We also want to keep one extra vehicle, but we have no payments on any of them. One is strictly a work vehicle, the other two are vehicles we use to go to work, etc. Our attorney told me this morning that we MIGHT be able to keep the work vehicle, if we can convince the Trustee that it's strictly for business use. Not sure how this applies to you situation, but it sounds like there CAN be exceptions made.????

[wrinkleigh]

Dont know specifically about a ch13 -- my experience is with a 7.

In our case, we had 3 vehicles, 1 we own outright, 1 will be paid off later this year, and the other we are upside down on. In our state, we have $7500 per couple exemption for autos. We were able to keep all three.

HTH

[SinkingFast]

It's really gonna depend on your Exemptions.

If your State says specifically 1 vehicle for the Debtor, then that's all you can Exempt.

One State, and I don't remember which, says "per licensed driver". So if you were married with driving aged kids, you could keep one for you, one for your spouse, and one for each driving aged kid.

If the wording just says $X in vehicle Exemption, you may be able to keep however many would fit under the $$$ limit.

[treehugger1]

SF, Is what you said actually the case in a chapter 13? I understand the exemption part, but does it matter if you are going to continue paying on both as secured debt outside of a plan? They don't have to be "reaffirmed" in a 13.

[aa06a47]

In a chapter 13, I believe you can keep your secured property as long as you pay back into the plan what they would get in a chapter 13. Since your upsdie down on both vehicals, that is a mute point as there is no equity for a creditor to get. Does this mean a single person can keep two cars...I don't know. You could definatly go with one being a work vehical and see if that flies.