Car/House/Dependent ?

[mlsmket7]

I have a question about how I might go about keeping 2 cars I have in BK. I have almost 35k in unsecured debt that I will be filing on...past credit cards, random bills, etc.

I haven't been making any payments since 10/2007.

I have two cars that I would like to keep, both of which are in my name. One is a 2005 Prius financed at 6%. The other is a 2004 Sienna financed at 18%. Both are in good standing. I'm upside-down on the van, maybe close to even on the Prius...I need it as I have a long commute. We need the van as we have 5 kids. Can I not file on them in order to keep them?

As far as the house goes, my name is not on the deed or the loan. I make the payments, as I am the sole source of income. My wife and her ex are still on the loan and the deed. My wife and I have one child together, and have four from a previous marriage. They spend 90% of their time at our house, and thus are considered dependents.

Even though they live 5-6 days a week at our house, do step-children still count as dependents?

Thanks so much for everyone's help!

[StartingOver08]

I have a question about how I might go about keeping 2 cars I have in BK. I have almost 35k in unsecured debt that I will be filing on...past credit cards, random bills, etc.

I haven't been making any payments since 10/2007.

I have two cars that I would like to keep, both of which are in my name. One is a 2005 Prius financed at 6%. The other is a 2004 Sienna financed at 18%. Both are in good standing. I'm upside-down on the van, maybe close to even on the Prius...I need it as I have a long commute. We need the van as we have 5 kids. Can I not file on them in order to keep them?

No. You must list all of your debt and all of your assets. The petition is very specific and detailed. You can exempt the vehicles up to what is allowed for your state. I did not see where you are from to look up that link for you. So please post your location (state).

As far as the house goes, my name is not on the deed or the loan. I make the payments, as I am the sole source of income. My wife and her ex are still on the loan and the deed. My wife and I have one child together, and have four from a previous marriage. They spend 90% of their time at our house, and thus are considered dependents.

Even though they live 5-6 days a week at our house, do step-children still count as dependents?

Yes, they are dependents and it will help you in your filing. Is your wife working? Is she planning to file too?

Thanks so much for everyone's help!

We can be more helpful if you post a little more detail about your situation. Income, actual debt, location etc.

[mlsmket7]

We can be more helpful if you post a little more detail about your situation. Income, actual debt, location etc.

I'm in IN. My income is ~$40k right now, but it is going to be increasing to ~$54k within 2 weeks. The cursory means test for someone with 7 members in the household seems to indicate I am still below the median.

I have roughly $35k in credit card debts, and around 2-3k in other unpaid debts from old utilities, etc. I have not made payments of any sort since around October of 2007. Does this help?

[brokenbuthealed]

Even though you do still have to list them, you may still be able to keep them if you reaffirm them. I would hesitate to keep two cars that have negative equity though. I would at least let one go.

[mlsmket7]

Even though you do still have to list them, you may still be able to keep them if you reaffirm them. I would hesitate to keep two cars that have negative equity though. I would at least let one go.

The van is key, though the apr kills me. The prius is key inasmuch as it is my daily commuter and is necessary for work. I may not have negative equity in it, I am probably about even. I believe i owe around 12k, which is about what it's worth. The apr at 6% is more manageable.