What about my Boy's Truck

[jaycee85501]

My boy has saved up is money since he was young. he has always put money away from his birthday's, christmas or where he got money he saved. now that he turned 16 he bought his truck with that money $4,200. when he got it we put the truck in mine and his name. could they take this truck? can i put this truck in his mothers name? my new wife and I are thinking of filing but not any time soon. not sure what to do.

thanks for your help.
we live in Az

[JRScott]

I would not transfer the truck to your wife's name at this point.

Whether they could take the truck or not would depend on whether it has equity. Even if it has equity the more likely solution is that the trustee would offer a redemption amount to allow you to keep the truck rather than go through the hassle of an auction.

So what you would need to figure out is the value of the truck and compare that to what is owed. If that is less than what you can exempt then should be no problem, otherwise be prepared to pay to keep it.

If you transferred the title you'd need to wait possibly as much as 2 years before filing bk to prevent it appearing on a lookback.

[jaycee85501]

Fyi

The truck is Paid off.

[kristyf]

AZ exemption for a motor vehicle is $5000. but only one is allowed.

[JRScott]

Okay you need to find out its value. Go to Kelly Blue Book site or NADA site and find out the value of the vehicle. Then you need to look up your state's exemption amount and see what you can exempt.