Easier to protect new car or tax refund?

[CSAS]

I am filing bk due to failing business. My husband and I file taxes together. We need a new car. We plan on taking our refund and purchase a new or semi-new car, nothing fancy-just something that transports us from a to b. Is it easier for my lawyer to protect my car under the exemptions or the refund? My lawyer said to make sure we put it in both of our names, so it doesn't appear that we're trying to hide the car. That will probably not be possible, since my credit score is not the best.
My lawyer said it is easier to protect the car. I was just wondering what others think.
Thanks

[AngelinaCatHub]

Well, my opinion only: You need a car for work, you DON’T need a new car, don’t do that, but a good used car. The refund is after all YOUR MONEY as you overpaid your taxes. Review your withholding and never have a refund other than a few bucks. When will you file? How is your current car? Do this as soon as you can and let a bit of time go by as you can, before filing if you have not already done so. ‘Hub

[NeedNewStart]

Same situation here... tax refund or car.

I'm going with the car because my state (NV) allows $15000 in equity in a car and doesn't allow you to keep any money. I would look at your state exemptions and go from there.

[debtmonster]

Same situation here... tax refund or car.

I'm going with the car because my state (NV) allows $15000 in equity in a car and doesn't allow you to keep any money. I would look at your state exemptions and go from there.

That is so UNFAIR that you can have $15k in NV and in FL you can't have but a $1,000 beater car. Why can't you have a $15k car in FL? How do we get them to copy what other states have?

Look at this beautiful machine I would love to have for only $12 grand! WOWWWWW!!

That's CHEAP for that kind of vehicle
http://www.autotrader.com/fyc/vdp.js...er_id=63890911

[jeb]

That is so UNFAIR that you can have $15k in NV and in FL you can't have but a $1,000 beater car. Why can't you have a $15k car in FL? How do we get them to copy what other states have?

Florida has always been one of the worse states when it comes to anything to do with consumer protection. BK is just one one of them.

I understand that we do have a little better homestead exemption than some - if you have a homestead - but everything else sucks. - jb

[NeedNewStart]

I know... the car allowance in Nevada is great. It's kinda a weird situation for me because the only reason I'm filing is because my house is going into foreclosure and I'm afraid I'll get hit with a HUGE deficiency judgment. So bankruptcy is somewhat preventative for me.

I've been "house poor" for years and have been driving a Plymouth Neon that I bought my first year of college. The car is a total beater! I moved to Portland and it actually leeks huge amounts of water into the car. It's probably full of mold! YUCK. Anyway...I've been living on a skeleton budget for a very long time in order to keep my house.

This year my income is getting cut in half so I can't keep the house. Now... this is so strange, I'll be making half as much money but I get to buy myself a nice new car and I'll have a TON more disposable income due to not having the insane house payment.

My credit was perfect... now it will be crap. I don't even care anymore. It's seems wrong to be so excited to go bankrupt.

I tried to do the right thing forever.... now I guess I'll be rewarded in a very strange way.

[debtmonster]

I know... the car allowance in Nevada is great. It's kinda a weird situation for me because the only reason I'm filing is because my house is going into foreclosure and I'm afraid I'll get hit with a HUGE deficiency judgment. So bankruptcy is somewhat preventative for me.

I've been "house poor" for years and have been driving a Plymouth Neon that I bought my first year of college. The car is a total beater! I moved to Portland and it actually leeks huge amounts of water into the car. It's probably full of mold! YUCK. Anyway...I've been living on a skeleton budget for a very long time in order to keep my house.

This year my income is getting cut in half so I can't keep the house. Now... this is so strange, I'll be making half as much money but I get to buy myself a nice new car and I'll have a TON more disposable income due to not having the insane house payment.

My credit was perfect... now it will be crap. I don't even care anymore. It's seems wrong to be so excited to go bankrupt.

I tried to do the right thing forever.... now I guess I'll be rewarded in a very strange way.

That's one of the reasons I also want to go bankrupt. I don't want a deficiency judgment.

Doesn't that Neon have a cabin filter? My car does. I change it about every 20,000 to 30,000 miles and it's usually nasty. I would have the same problem you do with the mold if I didn't change it.

[drowningNdebt]

What if you have a $18k car in FL but owe $18K, is that allowable?

[debtmonster]

What if you have a $18k car in FL but owe $18K, is that allowable?

Yes, because there's no equity. As long as you have a lien on it, you're good to go. Problem is, if you were lucky to pay that car off, they can take it from you and the trustee could liquidate it to pay creditors.

That's why most people who are currently financing their cars get to keep them. If you had something like a 2004 Honda Accord with 40,000 miles on it, paid off in full and it was worth $10,000, they could probably snatch it from you. Talk about a buzz kill.