son's motorcycle

[shelly66]

my son just bought a motorcyle in my husband's name with cash. It will be in my husbands name until the end of summer. We have 2 vehicles financed and I am going to stop paying on the one we are not keeping. We are filing on july 15th. My question is since we are letting one vehicle go back my husband might drive the motorcylce for awhile until we can save for a another car. I turned in our paperwork last week but it was not listed because he just bought it. Do I need to let the attorney know before we file in July? we live in florida.

[jb300]

I am just getting started in this process but from what I think I know so far I would say yes. You need to disclose everything.

[floridian]

i see problems... in florida, the motorcycle is a luxury item and you might not be able to keep it... if you transfer the title, you may well have objections, as the trustee might want to take it... i couldnt keep mine...

[justbroke]

Yeah, don't transfer the title, as the Trustee may see that as an "avoidable" transfer... because they'll see it as you giving it away. I'm unsure about the luxury thing.

[shelly66]

My husband will need something to ride to work since we are giving up my car. My son is leaving for the military this year and will be leaving the bike with us. My attorney knows he will need some sort of transportation. I am no longer going to pay my car payment since i will be giving it up. I am sure they will come get it before we file in July.

[jb300]

I was also told that a motorcycle was a luxury by one of the attorneys I saw so I don't know what they would make you do unless you would have to get a non luxury type mode of transportation. The fact that you paid cash for it there is no outstanding loan against it.

[shelly66]

we couldn't get a car for as cheap as my son paid. Only $3500, it's hard to get a car for that price. I guess we will see.

[floridian]

as practical as a 50mpg motorcycle may seem, my attorney said mine must go, bottom line.

[shelly66]

well I guess we will take a chance and see. We are not going to sell it now.

[shelly66]

floridian, was this your only means of transportation and was it paid off? just wondering, what part of fl are you in?

[justbroke]

I didn't even think about the impact of a $3,500 motorcycle that's paid off!!! The motor vehicle exemption is only $1,000. That motorcycle will look juicy to the Trustee's insatiable appetite for money.

[shelly66]

so what does that all mean? We have no equity in the other vehicle.

[justbroke]

so what does that all mean? We have no equity in the other vehicle.

It means

1. Don't transfer (re-title) the motorcycle
2. Find exemptions for the value (because you have a 100% equity in it)!
3. Work with your lawyer for your best option to protect your equity in the bike.

[shelly66]

I understand now. Since we are both filing I wonder if we can use 1,000 for both for the motorcycle. Well I guess we will figure it out. Thanks

[justbroke]

I understand now. Since we are both filing I wonder if we can use 1,000 for both for the motorcycle. Well I guess we will figure it out. Thanks

Yes, I believe you can stack it, so that's $2,000. Then, depending on home ownership and homestead, you may get the $4K exemption (each), as well as the $1K wildcard exemption (each).

Hopefully, it will cover everything. Even if the motorcycle is "a luxury" you may be able to exempt its value... so that's the question for me.

(Just to make sure the exemption covers "motor vehicles" and not just "automobiles" I looked up F.S. 222.25(1)... although I know it... just to check the definition which is...

F.S. 320.01
(1) "Motor vehicle" means:
(a) An automobile, motorcycle, truck, trailer, semitrailer, truck tractor and semitrailer combination, or any other vehicle operated on the roads of this state...

)

As always, a practicing attorney in your District knows best!