Protecting Car?

[mixer99]

Hi gang.

Thanks for the helpful replies so far to my questions. Here is another.

I have the opportunity to acquire a dependable work car VERY cheap from a friend going through a divorce. I happen to have 3000 cash to give.

My question is- I will be filing chp 7 in October. My wife will NOT be filing. If I buy this car, should I put it in the wife's name until after discharge in order to protect it from being seized and sold? Or would that not protect it? The other option is to leave it in my friend's name and he wait for full payment until after the BK is discharged. I am in Mississippi if that helps. Also, my other car is finananced and we owe about 10K more than it is worth. Thanks!

[keepmine]

How much equity does Ms. allow you to have and, what would be the FMV of the car?

[mixer99]

FMV on the car retail is about 6500. MS allows you to have a 10,000 personal property exemption that includes cars, household furnishings, clothes, etc.

Could they seize the car if it was in wife's name and she wasnt filing?

[keepmine]

I doubt it would cause any problems since, it'll be 6 months or more before you file.
If the car can fit in with the state exemptions, it may not be necessary.