Another question:
My wife's 21 year old daughter's car is in my wife's name as the vehicle was purchased locally while the daughter was away at school. The daughter paid for the car with her money, and has had possession of the car since it was purchased. We are filing Chapter 7 in North Carolina in a few weeks without a lawyer. We forgot that the car was in our name. We intended to keep a 96 suburban worth $3400 using our state's $3500 vehicle exemption. We also intended to reaffirm the loan on a 2004 Honda that has no equity. We are using $11,500 of the homestead exemption on our home which would leave us the $5000 in unused homestead exemption that we could apply elsewhere (NC State exemptions allow up to $30,500 homestead, with up to $5000 in unused homestead as wildcard). The daughter's car is worth $4785. It seems to me that I could apply the excess homestead exemption to the daughter's car and all is well. Our household goods should be covered by the personal property exemption. Does anyone see any problems with this? Are there any statutes that would prevent me from retaining 3 vehicles in this manner?
Thanks in advance for your input.
My wife's 21 year old daughter's car is in my wife's name as the vehicle was purchased locally while the daughter was away at school. The daughter paid for the car with her money, and has had possession of the car since it was purchased. We are filing Chapter 7 in North Carolina in a few weeks without a lawyer. We forgot that the car was in our name. We intended to keep a 96 suburban worth $3400 using our state's $3500 vehicle exemption. We also intended to reaffirm the loan on a 2004 Honda that has no equity. We are using $11,500 of the homestead exemption on our home which would leave us the $5000 in unused homestead exemption that we could apply elsewhere (NC State exemptions allow up to $30,500 homestead, with up to $5000 in unused homestead as wildcard). The daughter's car is worth $4785. It seems to me that I could apply the excess homestead exemption to the daughter's car and all is well. Our household goods should be covered by the personal property exemption. Does anyone see any problems with this? Are there any statutes that would prevent me from retaining 3 vehicles in this manner?
Thanks in advance for your input.