Vehicles and Titles

[Nicki8875]

I thought I read on here that a person cannot have 2 vehicles titled in their name? Both our vehicles are titled in dh's name- what will happen with that. The van we owe $14,000 and have had it long enough to have it crammed down, and the bronco we have a $16,000 loan and it is collateral but only worth about $1500. We have not had the bronco 910 days. My name is not on either vehicle.

Dh and I are thinking of buying a new car and putting that in my name, what will happen with the 2 in his name since we cant sell either due to being so upside down on them.

[justbroke]

If you are filing together it is a non-issue. The problem is where you are not listed on the title, you could get some flack from the Trustee as to whether it is your debt.

[Nicki8875]

So if we were to get another car in my name do we have to get rid of one or can we keep all 3? I would like to just get rid of the bronco and give it back but dh is pretty adamant to not do it b/c he doesn't want anyone to know what we are doing.

[justbroke]

So if we were to get another car in my name do we have to get rid of one or can we keep all 3? I would like to just get rid of the bronco and give it back but dh is pretty adamant to not do it b/c he doesn't want anyone to know what we are doing.

If you are filing together or if more than 1 car is titled in your name, and you're filing individually... you can't include the additional cars in your filing.

[Nicki8875]

Im sorry Im confused. So if I buy a new car I cant include that but I can include the other 2? We are filing together. 2 titled in dh's name and the new one would be in my name. Thanks!

[justbroke]

Im sorry Im confused. So if I buy a new car I cant include that but I can include the other 2? We are filing together. 2 titled in dh's name and the new one would be in my name. Thanks!

You cannot have 3 cars. The Bankruptcy forms only accounts for 2.

If you have another driver in the house (minor or adult child still in school) you could argue?

[Nicki8875]

My son turns 16 in 6 months and we want to keep the bronco for him. Otherwise when he turns 16 we will need a vehicle for him anyway.

[Trixie007]

We have 3 cars and are keeping all of them. We are using the Federal exemptions.

4Runner - DH's veh. is titled only in his name - we own it outright, valued at about 3k - covered by 1st auto exemption

Mitsubishi - my car, titled only in my name - 1k upside down - covered by 2nd auto exemption, which is weird since we have no equity...

Nissan - for DD's use, titled in my name - own outright, valued about 1k - covered by the wild card exemption - we will transfer title to her after the BK is done

[Nicki8875]

We have 3 cars and are keeping all of them. We are using the Federal exemptions.

4Runner - DH's veh. is titled only in his name - we own it outright, valued at about 3k - covered by 1st auto exemption

Mitsubishi - my car, titled only in my name - 1k upside down - covered by 2nd auto exemption, which is weird since we have no equity...

Nissan - for DD's use, titled in my name - own outright, valued about 1k - covered by the wild card exemption - we will transfer title to her after the BK is done

I wonder how that will work since we dont own any of the vehicles? The bronco isn't an 'auto loan' but it is collateral for a loan- even though the loan is $16000 and the bronco is only worth $1500. If we claim a federal exemption do we claim what it is worth even if we have to pay it off still through the BK?