Question on how to handle two cars??

[Nightowl805]

I will be filing in 6-7 months...probably retain a lot sooner. My question is I have two cars. st is a 2006 Toyota Corolla that my girlfriend drives...I will affirm this loan during the BK. The other is a Salvaged 2003 Chevy Malibu with 110k miles...unable to determine real value du to Salvage status. It is paid in full. Can I keep both or do I need to transfer title/sell the Malibu to my girlfriend? They are both registered to me.

[lrprn]

Can I keep both...

Depends on how much of an auto exemption your state allows. What state are you in? And what is the fair market value of both cars? (Forget the salvage thing - just look up the make/model on Kelly's Blue Book and if you want a second opinion, try www.edmunds.com)

...or do I need to transfer title/sell the Malibu to my girlfriend? They are both registered to me.

DO NOT TRANSFER ANY ASSETS TO ANYONE WITHIN A YEAR OF FILING!!!!! Period. That's bankruptcy fraud and can get you into more legal trouble than you can imagine.

If you haven't interviewed 3-4 bk lawyers yet, now is a good time. Run your questions and other through the free or low-cost initial interviews - you'll learn a lot about what's possible and what's not in your situation.

[Nightowl805]

I am curious how this can be...there is no way fair market value is calculated...as soon as I say salvaged n o dealer will buy it and that is the lowest value...to be honest, I don't think there are many people who would buy a car with 110k miles and a salvaged title for more than 1000.00 dollars. BTW, I will be filing here in CA.

Thank you for the advice to start screening attornies.

Depends on how much of an auto exemption your state allows. What state are you in? And what is the fair market value of both cars? (Forget the salvage thing - just look up the make/model on Kelly's Blue Book and if you want a second opinion, try www.edmunds.com)

DO NOT TRANSFER ANY ASSETS TO ANYONE WITHIN A YEAR OF FILING!!!!! Period. That's bankruptcy fraud and can get you into more legal trouble than you can imagine.

If you haven't interviewed 3-4 bk lawyers yet, now is a good time. Run your questions and other through the free or low-cost initial interviews - you'll learn a lot about what's possible and what's not in your situation.