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Vehicle exemption doubled for joint filers?

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    Vehicle exemption doubled for joint filers?

    Since fed amt is 3450 , can we buy a used one worth twice that?

    Keep On Smilin'

    #2
    My understanding is that if you jointly own the property, you can use the double exemption on it.
    There are two secrets for success in life:
    1.) Never tell everything you know.

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      #3
      I think debee is correct-the car has to be titled in both names.

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        #4
        Originally posted by daylate View Post
        I think debee is correct-the car has to be titled in both names.
        It may depend on your state. We filed in Washington state using Federal exemptions. Using a combination of the vehicle exemption and the wildcard we protected 3 cars and a motorcycle. I assume since Washington is a community property state and we filed jointly it did not matter whose name was on the title. Had no issues with the trustee on it. Case was closed over a year ago so I'm guessing no audit forthcoming either.
        Case Closed > 2/08/2010

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          #5
          Vehicle exemptions are typically per person (per debtor).

          So, in Colorado for example, the vehicle exemption is $5,000. A married couple filing BK can exempt up to $10K in equity and spread it out over any number of vehicles (within reason).

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            #6
            In NJ so it's gotta be fed or nothing, nada, zip, zilch
            Never heard of buying a car in both names tho, is that even possible?

            Keep On Smilin'

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              #7
              Yes. You title it in both names.
              There are two secrets for success in life:
              1.) Never tell everything you know.

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