Car Title Question!!!

[mhawk5]

My wife and I are getting ready to file Chapter 7 in Missouri. We have about $55k in CC debt, have passed the means test, and have no assets with possibly one exception. My dad, after my mom died 10 years ago, put my name on his collector car title along with his so that when he dies the car becomes mine. It is listed "________ and _________" on the title. I never made a financial contribution to the restoration of the car nor have I ever been on the insurance nor have ever used it. I am simply on the title in case he dies and he didn't know at the time he should have listed me as TOD (transfer on death). The car is valued at about $20,000.

Can the trustee take the car since my name is on it jointly? It's not listed as "and/or"....just as "and". My attorney thinks he can protect it since my dad has receipts concerning the restoration and because I'm listed as a joint owner with the word "and" instead of "and/or"...meaning that I could not sell the car without his signature.

What do you all think?

[HHM]

You're probably ok...but you could be in for somewhat of a fight with the trustee. I don't think the trustee would "take" the car, worst case scenario, you might need to come up with a way to give the trustee the value of your interest in the car.

[mhawk5]

Thanks HHM. Does anyone else have any knowledge in this area? Thanks.

[NoName]

HHM is right. You are by law entitled to 50% of the value of the asset. So, if the Trustee really wanted to he could ask for 50% of the value of the car in cash -- which would likely be paid out in an installment plan.

[familyof7]

do you have another car how much is it worth take the equity in that car and add it to 50% of the equity in the other car and see how much it is how much of an exemption are you allowed in you state for a vehichle? It may be that you are able to exempt it