In the process of reviewing the first draft of my petition and I have a question regarding vehicle exemptions that aren't listed. (I'm using Texas Exemptions)
Vehcile 1 has a loan equal to its present value of $5,000. The loan is with a Credit Union and I'm guessing it's subject to cross-collateralization. All told, I owe the Credit Union more than $10,000. I don't intend to reaffirm if it means I have to pay everything back. I am willing to negotiate redemption. If I exempt the vehicle, they can't take it as long as I reaffirm, right? Is the same true if I intend to try to redeem it?
Vehcile 2 was sold to some ago to a guy who has paid me but we haven't transferred the title. Even though I recently deposited and spent the amount he paid me, the vehicle is still here in my driveway. I'm treating the amount he paid me as a loan and I will list him as a creditor with the vehicle as security on the loan even though there's no paperwork to this effect. On my honor, I owe him the vehicle or the $3,000 he paid me for it so I don't want to lose it. I think I need to exempt this vehicle too so I can be sure it won't get taken, right?
I talked it over with an attorney and it's clear I'm thinking more about this than he is. (He didn't mention exempting the vehicle and he wasn't worried about it as much as I am.)
Vehcile 1 has a loan equal to its present value of $5,000. The loan is with a Credit Union and I'm guessing it's subject to cross-collateralization. All told, I owe the Credit Union more than $10,000. I don't intend to reaffirm if it means I have to pay everything back. I am willing to negotiate redemption. If I exempt the vehicle, they can't take it as long as I reaffirm, right? Is the same true if I intend to try to redeem it?
Vehcile 2 was sold to some ago to a guy who has paid me but we haven't transferred the title. Even though I recently deposited and spent the amount he paid me, the vehicle is still here in my driveway. I'm treating the amount he paid me as a loan and I will list him as a creditor with the vehicle as security on the loan even though there's no paperwork to this effect. On my honor, I owe him the vehicle or the $3,000 he paid me for it so I don't want to lose it. I think I need to exempt this vehicle too so I can be sure it won't get taken, right?
I talked it over with an attorney and it's clear I'm thinking more about this than he is. (He didn't mention exempting the vehicle and he wasn't worried about it as much as I am.)
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