Hi, my husband and I have our own corp. and may be going into some form of bk with it and personal. Setting up a new company and trying to start over. He has a 68 camaro that he bought off ebay about 6 years ago with personal money. There are title issues with it cause it was out of state and he had a lot of problems getting the title work done so there is no title with his name on it, no paperwork gone to dmv on it, and no insurance on it. He couldn't sell it if he wanted to cause technically it's not his yet. It doesn't run and is a project car at best. Will we have to include this in our exemptions? Can they take it even though technically we don't own the title yet?
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Include it. The trustee will decide if they will take it or not. Are you willing to not file bankruptcy over a non-working car? -
Yes, you have to include it. But state truthfully that it is a project car.
We had a 1968 Impala that we bought in 2002. It was a good fixer-upper and was supposed to be a 'hobby car' for me. However, we had 4 hurricanes in 2004, and 'Hub got prostate cancer the same year. The car had been parked in the garage since before the hurricanes and had not moved since then.
We filed BK Ch7 12/28/2007. Our 341 was 2/7/2008. The trustee looked at our paperwork, then asked, regarding this car: "On a scale of factory show-room quality down to housing squirrels, which is it?" I answered truthfully that while it was not housing suirrels, it had not moved since 2004, and that the green color on the outside was NOT paint, but mold.
The trustee formally 'Abandonded' interest in this car as an assest, as being 'too old'.
Good luck to you."To go bravely forward is to invite a miracle."
"Worry is the darkroom where negatives are formed."Comment
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Yeah, tell them you don't have a title and it's pretty much junk. Then you can apply for a lost title at to your stateComment
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