New questions for everyone...here is the situtation...
I was pregnant with our first child last summer. My husband and I had two vehicles: his 05 Ford Super Duty four door truck and my 99 Silverado two door truck with 180K miles. My Silverado has been paid off (now only worth about $4k) and we currently have a payment on the super duty (probably underwater to try and sell it).
With this in mind, my father as a gift to me, bought me a new 09 ford escape to travel in with the baby. He paid cash, but had everything put in my name.
Now nine months later we are preparing to file a 13. My father is convinced that due to have significant equity in the 09 Escape and having three vehicles for two adults that we will loose the Escape. My attorney has advised me that this will not be the case. He states that there is an exemption and it will be covered under same.
Currently we have little to no cash in the bank or equity in our home. By far the Escape is the largest item with equity in it (probably 18k-20k or so).
What are your thoughts? Thanks!
I was pregnant with our first child last summer. My husband and I had two vehicles: his 05 Ford Super Duty four door truck and my 99 Silverado two door truck with 180K miles. My Silverado has been paid off (now only worth about $4k) and we currently have a payment on the super duty (probably underwater to try and sell it).
With this in mind, my father as a gift to me, bought me a new 09 ford escape to travel in with the baby. He paid cash, but had everything put in my name.
Now nine months later we are preparing to file a 13. My father is convinced that due to have significant equity in the 09 Escape and having three vehicles for two adults that we will loose the Escape. My attorney has advised me that this will not be the case. He states that there is an exemption and it will be covered under same.
Currently we have little to no cash in the bank or equity in our home. By far the Escape is the largest item with equity in it (probably 18k-20k or so).
What are your thoughts? Thanks!
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