Question about keeping vehicles?

[marcie26]

Our vehicles are paid off- the two that we want to keep are a 2003 Chevy Cavalier and a 1999 Jeep Cherokee - I don't believe the Cavalier is above the exemption amount so no worries there, however, the Jeep is I think worth maybe $2,000 more than the exemption. So, do we lose it or can we put the title in someone else's name?? My husband will be driving the car to work and I need the Jeep to fit all the kids in.
We do have a truck that I have been trying to get my husband to sell - if he does can we use that money for the $2,000 difference?

[MomIcantFindmy]

Do not under any circumstances change the title. That is serious fraud. As far as the Jeep, you and your attorney can explore all of the available options for exemptions that may have been overlooked. In the worst case senario you will have to make an offer to the trustee to purchase the Jeep back. Usually you can stretch that payment out for a year or so.

For the truck. If you sell it you cannot hang onto the cash to buy back the Jeep from the trustee unless the cash is covered under an exemption. I would either sell the truck and use the money to pay an attorney or buy food, pre-pay rent, insurance etc (other nessesities) or I would surender the truck to the trustee or sell the truck after your BK discharge.

[marcie26]

Do not under any circumstances change the title. That is serious fraud. As far as the Jeep, you and your attorney can explore all of the available options for exemptions that may have been overlooked. In the worst case senario you will have to make an offer to the trustee to purchase the Jeep back. Usually you can stretch that payment out for a year or so.

For the truck. If you sell it you cannot hang onto the cash to buy back the Jeep from the trustee unless the cash is covered under an exemption. I would either sell the truck and use the money to pay an attorney or buy food, pre-pay rent, insurance etc (other nessesities) or I would surender the truck to the trustee or sell the truck after your BK discharge.

Thanks for the reply! I don't want to commit fraud so I am glad you told me that!!