what happens to vehicles

[helpsoneeded]

If my husband and i file for a 13, most likely will have a 100% payback, what would happen to our vehicles. He has in his name a 2000 truck thats paid for and a car that has a loan, also in his name , and we owe more then its worth on it and i have my vehicle that is paid for and in my name only, maybe worth 6000.00. Would we be able to keepll 3 of them? Thanks alot again..

[Boscoe]

If my husband and i file for a 13, most likely will have a 100% payback, what would happen to our vehicles. He has in his name a 2000 truck thats paid for and a car that has a loan, also in his name , and we owe more then its worth on it and i have my vehicle that is paid for and in my name only, maybe worth 6000.00. Would we be able to keepll 3 of them? Thanks alot again..
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What state do you live in? That will determine your exemptions and hence, if you can "exempt" your 3 vehicles.

Also, get the make and model of each vehicle and go to Edmunds.com and get the 'private party' sale price.

Finally, how long have you owned each of them?

[helpsoneeded]

I live in ny state. The truck is 7 yrs., the car that has a loan on it is 3 years, we bought it used and owned now for 1 year and my vehicle is 7 years old too.. Thanks

[lrprn]

Helpsoneeded, did a lawyer tell you that you would have to be in a 100% payback situation if you file Ch 13? How do you know you have to file Ch 13 rather than Ch 7?

As far as the three cars go, how many licensed drivers are in your family plus the condition and age of the vehicles will often will determine how many vehicles your trustee will allow you to keep.

In NY you can only use NY bankruptcy exemptions. NY exemptions allow you to keep $2,400 in total vehicle "equity" (the difference between the value of the car and how much you owe on each car) - http://www.bankruptcyinformation.com/NY_exemp.htm . I don't know if NY will allow you to double that if both of you file together - that's a good question to ask an experienced bk lawyer in your area.

Since your husband owns the 2000 vehicle outright, then the entire value has to count towards the $2400. However, his second car and your car that you appear to owe more than each is worth also count towards the $2400. What happens if you add up the value of the paid-off 2000 car plus the difference between the other two cars' values minus what you owe on them?

Given the limited information you've given us, my guess is that it's not likely you will get to keep all three cars. You may even have trouble hanging on to two depending on which two are the ones you would like to keep and how they sort themselves out on the Means Test.

You need some expert legal advice to sort this out. Have you met with 3-4 experienced bankruptcy attorneys yet for your free initial consults to see how your bankruptcy district and local court and trustees have decided car issues like yours in the past?