Auto Exemption Question - X Post

[Hope2File]

I posted this under exemptions but thought I'd try here too......thanks....

Something is unclear to me about the auto exemption. The bankruptcy code indicates 'motor vehicle' to 3200 or whatever the exact amount is. Does this mean one vehicle only? Also would it cover a non-automobile motor vehicle? We have 3 cars & a snowmobile and all of those would be covered by the doubled motor vehicle exemption if allowed.

Also, does it matter who the vehicles are titled to? 3 of our vehicles are titled in my name only (not my husband) just because it is a pain to get both of us to the SOS to sign titles, etc. So I'm just wondering if I can still double that exemption even though the vehicles are all in my name (even though he is the one who uses 2 of them).

An unrelated question - should I exempt security deposits if I have enough to cover them (I think I will)

[BKParalegal]

The bk code is 1 motor vehicle per licensed driver in the home. So, regardless who it is titled under, you can exempt 2 vehicles. Generally, a snowmobile can be listed and exempted under household furnishings, it depends on what your state exemptions are.

Same goes with security deposits, some states have exemptions for them, but generally they is no equity because you can offset them with the amount owed to the company.

Good Luck

[poorold]

I believe only the person whose name is on the title can use their auto exemption amount on that particular vehicle.

however, the other person may use wildcard exemption amounts to apply to equity in a vehicle that is not in their name.