CA 20K Wildcard for two cars...

[Beeheery]

Hi everyone,
My mother will be planning on filing BK soon and I have a question regarding auto exemptions for the state of CA. She has two cars under her name. One is technically my car. I drive it, live in FL and paid it in full. She also has another car in her name that she drives in CA. She owes more than it is worth but wants to keep the car when she files. Does anyone know if she can claim both cars in her BK? I am not sure since the car was bought and is still in FL, if CA exemptions apply. She owns no home and the only assets she owns are my car and property in another state appraised at about 10K. Any help would be appreciated. Thank you.

[albacore44]

yep. sounds like she can exempt it under the auto exemption, since the other car is under water. worst case it should fit under the $20k wild card. My attorney is working a plan to stuff 1 truck, 3 ATV's and a toyhauler trailer under the $20k ca. wildcard.

[jribe]

both cars would be included in the case. The paid off one that you drive would need to be exempted. I would look at private party KBB value (that's what i used) and the car that's under water would be listed as a debt, and she could reaffirm, or just continue paying.
The 20k (it's actually 21k) could be used to cover whatever she needs to exempt. She still gets the other allowances, ex: furniture, jewlery, household items..
So, if she doesn't own a home System 2 is the best way to go for CA- because of the 20k "wildcard"

Hi everyone,
My mother will be planning on filing BK soon and I have a question regarding auto exemptions for the state of CA. She has two cars under her name. One is technically my car. I drive it, live in FL and paid it in full. She also has another car in her name that she drives in CA. She owes more than it is worth but wants to keep the car when she files. Does anyone know if she can claim both cars in her BK? I am not sure since the car was bought and is still in FL, if CA exemptions apply. She owns no home and the only assets she owns are my car and property in another state appraised at about 10K. Any help would be appreciated. Thank you.

[jribe]

oh- btw- has she lived in CA long enough? I can't tell from your post if she's lived her for awhile, or may have moved from another state?

You use the state's exemptions that you lived at for the previous 2 years (typically)