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Question about Autos / BK

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    #1

    Question about Autos / BK

    Here is my scenario: Please note that I will be the only person filing BK and my wife will NOT.

    I currently have two cars that are both in MY NAME ONLY. The first car has NO equity and the second car is upside down from a lease with some time remaining before trade in. I plan to keep one car (one with no equity) and put the car that is a lease on the BK. If my wife gets a car in HER NAME ONLY they can't do anything with it correct?

    Any information would be appreciated as I tried to get approved on my own but no dice with DTI that I currently have.
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    #2
    first of all you have to include all debt in your BK and They can do anything about a car your wife buys as long as it doesn't have your name on it or the loan. You can give back both of those cars on your BK Or keep paying one of them and ride it through
    Chapter 7 07/30/2008
    341 09/17/2008
    Discharge 11/21/2008

    Comment

      #3
      Originally posted by TEW View Post
      first of all you have to include all debt in your BK and They can do anything about a car your wife buys as long as it doesn't have your name on it or the loan. You can give back both of those cars on your BK Or keep paying one of them and ride it through
      Do you mean they "can't" do anything about my wife's car? Just wanting to make sure.

      If she gets it and I'm insured on it then what does that do? The financing is ALL hers and not mine....

      thx

      Comment

        #4
        Originally posted by texanboy76 View Post
        Do you mean they "can't" do anything about my wife's car? Just wanting to make sure.
        That's right they can't do anything about a car in your wife's name only. If you are filing individually, the trustee will only be concerned with assets and property in your name.
        9/16/08 - Filed Chapter 7
        10/20/08 - 341 Meeting
        12/19/08 - Last Day for Creditor Objections
        1/5/09 - Discharge Order; 1/13/09 Case Closed!!!

        Comment

          #5
          Originally posted by mrbsf View Post
          That's right they can't do anything about a car in your wife's name only. If you are filing individually, the trustee will only be concerned with assets and property in your name.
          One last scenario. If I have the one auto that is in my name only and the second auto (lease) that is in my name only and we get a 3rd car (lower payment) that is in both of our names how will that be looked upon? I will file and put only the one car (lease) on the BK.

          Will the trustee look that we have three cars? 2 in my name only (only putting one on the Bk the lease) and the other that is joint we are going to keep. How does this effect my wife and what steps do we have to do if we have to re-affirm? Does she need to be present at meetings if I'm filing only myself?

          thanks....

          Comment

            #6
            Originally posted by texanboy76 View Post
            One last scenario. If I have the one auto that is in my name only and the second auto (lease) that is in my name only and we get a 3rd car (lower payment) that is in both of our names how will that be looked upon? I will file and put only the one car (lease) on the BK.

            Will the trustee look that we have three cars? 2 in my name only (only putting one on the Bk the lease) and the other that is joint we are going to keep. How does this effect my wife and what steps do we have to do if we have to re-affirm? Does she need to be present at meetings if I'm filing only myself?

            thanks....

            can anyone answer this for me? I appreciate your help...

            Comment

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