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    Vehicles and Titles

    I thought I read on here that a person cannot have 2 vehicles titled in their name? Both our vehicles are titled in dh's name- what will happen with that. The van we owe $14,000 and have had it long enough to have it crammed down, and the bronco we have a $16,000 loan and it is collateral but only worth about $1500. We have not had the bronco 910 days. My name is not on either vehicle.

    Dh and I are thinking of buying a new car and putting that in my name, what will happen with the 2 in his name since we cant sell either due to being so upside down on them.

    #2
    If you are filing together it is a non-issue. The problem is where you are not listed on the title, you could get some flack from the Trustee as to whether it is your debt.
    Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
    Status: (Auto) Discharged and Closed! 5/10
    Visit My BKForum Blog: justbroke's Blog

    Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

    Comment


      #3
      So if we were to get another car in my name do we have to get rid of one or can we keep all 3? I would like to just get rid of the bronco and give it back but dh is pretty adamant to not do it b/c he doesn't want anyone to know what we are doing.

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        #4
        Originally posted by Nicki8875 View Post
        So if we were to get another car in my name do we have to get rid of one or can we keep all 3? I would like to just get rid of the bronco and give it back but dh is pretty adamant to not do it b/c he doesn't want anyone to know what we are doing.
        If you are filing together or if more than 1 car is titled in your name, and you're filing individually... you can't include the additional cars in your filing.
        Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
        Status: (Auto) Discharged and Closed! 5/10
        Visit My BKForum Blog: justbroke's Blog

        Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

        Comment


          #5
          Im sorry Im confused. So if I buy a new car I cant include that but I can include the other 2? We are filing together. 2 titled in dh's name and the new one would be in my name. Thanks!

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            #6
            Originally posted by Nicki8875 View Post
            Im sorry Im confused. So if I buy a new car I cant include that but I can include the other 2? We are filing together. 2 titled in dh's name and the new one would be in my name. Thanks!
            You cannot have 3 cars. The Bankruptcy forms only accounts for 2.

            If you have another driver in the house (minor or adult child still in school) you could argue?
            Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
            Status: (Auto) Discharged and Closed! 5/10
            Visit My BKForum Blog: justbroke's Blog

            Any advice provided is not legal advice, but simply the musings of a fellow bankrupt.

            Comment


              #7
              My son turns 16 in 6 months and we want to keep the bronco for him. Otherwise when he turns 16 we will need a vehicle for him anyway.

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                #8
                We have 3 cars and are keeping all of them. We are using the Federal exemptions.

                4Runner - DH's veh. is titled only in his name - we own it outright, valued at about 3k - covered by 1st auto exemption

                Mitsubishi - my car, titled only in my name - 1k upside down - covered by 2nd auto exemption, which is weird since we have no equity...

                Nissan - for DD's use, titled in my name - own outright, valued about 1k - covered by the wild card exemption - we will transfer title to her after the BK is done
                BKForum Blog: The Journey

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                  #9
                  Originally posted by Trixie007 View Post
                  We have 3 cars and are keeping all of them. We are using the Federal exemptions.

                  4Runner - DH's veh. is titled only in his name - we own it outright, valued at about 3k - covered by 1st auto exemption

                  Mitsubishi - my car, titled only in my name - 1k upside down - covered by 2nd auto exemption, which is weird since we have no equity...

                  Nissan - for DD's use, titled in my name - own outright, valued about 1k - covered by the wild card exemption - we will transfer title to her after the BK is done
                  I wonder how that will work since we dont own any of the vehicles? The bronco isn't an 'auto loan' but it is collateral for a loan- even though the loan is $16000 and the bronco is only worth $1500. If we claim a federal exemption do we claim what it is worth even if we have to pay it off still through the BK?

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