Just the beginning....

[applepie]

Yet another 'NEWBIE' here from Washington state. I'm at my wits end and thinking it's time for DH and myself to do the deed. I'm embarrassed and ashamed but hoping I can find answers here.
I fell of the deep end today as my car blew up and I can't afford to fix it...that was the very last staw! I broke down and registered!

I have a question about the cars. Ours are old and paid off. My son has a habit of bringing/buying cars home to work on so of course the titles go in our name. Probably within the last year or two we have transferred titles on 2 vehicles. One was an old car that had no motor and didn't run. He sold it for 200.00 and the other I can't remember for sure when it was sold but it was the same situation. He bought it for the wheels and tires. The top was smashed and he sold it as a parts truck. Is this a red flag????
He also has a '91' Toyota that of course is still in my name (got it at 16, he is now almost 20) It's his pride and joy but is a work in progress. I could not bare for him to loose it. Since mine just blew up I would give that up no problem so can we just claim the toyota as our exempt vehicle? My vehicle is/was a 98 ford expedition.

I will have a ton more questions but this one has just been eating at me!
Thank You!

[applepie]

oops! see I already messed up!!
How do I move it???
sorry!

[AngelinaCat]

Hi Applepie. Welcome to the Forum. I moved your posts into its own thread so that your questions will get more attention and answers.

Good luck to you!

[justbroke]

Yet another 'NEWBIE' here from Washington state. I'm at my wits end and thinking it's time for DH and myself to do the deed.

What? You haven't consummated your relationship yet???

I'm embarrassed and ashamed but hoping I can find answers here. I fell of the deep end today as my car blew up and I can't afford to fix it...that was the very last staw! I broke down and registered!

Don't be embarrassed. This is the best business decision you could ever make... and personally too.

I have a question about the cars. Ours are old and paid off. My son has a habit of bringing/buying cars home to work on so of course the titles go in our name. Probably within the last year or two we have transferred titles on 2 vehicles. One was an old car that had no motor and didn't run. He sold it for 200.00 and the other I can't remember for sure when it was sold but it was the same situation. He bought it for the wheels and tires. The top was smashed and he sold it as a parts truck. Is this a red flag????

While you need to disclose it, it's not any money to sneeze at. The Trustee will only ask if you received fair market value (FMV) for it. It's of such an insignificant value, they may just gloss over it.

He also has a '91' Toyota that of course is still in my name (got it at 16, he is now almost 20) It's his pride and joy but is a work in progress. I could not bare for him to loose it. Since mine just blew up I would give that up no problem so can we just claim the toyota as our exempt vehicle? My vehicle is/was a 98 ford expedition.

How much is it worth? Is he still living at home and in school full-time?

Also, exemptions usually don't cover an entire vehicle. They usually cover some amount of the value. For example, in Florida, we get a measly $1K exemption on a vehicle. That's nothing if your car is worth $10K or more!

[frogger]

Glad you're here. Joining was a wise decision.