I have a car worth (trade in value) approx $4500. I owe $2500 on it, so that would be $2000 in equity. That is exempt. No problem there. The thing is that my son's father just purchased him a used car. I had no idea he would be getting him a car so soon. The plan was to get it for him in a few more months. So all of the paperwork is in my name (sales receipt, title transfer). We live in different states and the car was shipped to me. It's an old car, a 1995 Nissan. The trade in value for that is $1500. I need to register this thing and I'm wondering if it would be safe to do it now or wait. Would it be okay to register it after the 341?
My state allows car exemption of $3500 plus there is a $600 wildcard. I understand that there is also $5000 that can be applied from homestead exemption since I won't be keeping my house. An attorney I recently consulted with simply told me not to put the car in my name. But I can't put it in anybody's else name and my son is under 18 and therefore, it can't be titlte to him yet.
Would a trustee have an issue with me having 2 vehicles even though they fall under the exemptions? Would I be given an opportunity to explain that it is for my son? He will be going to college this fall so that's why we got him the car.
My state allows car exemption of $3500 plus there is a $600 wildcard. I understand that there is also $5000 that can be applied from homestead exemption since I won't be keeping my house. An attorney I recently consulted with simply told me not to put the car in my name. But I can't put it in anybody's else name and my son is under 18 and therefore, it can't be titlte to him yet.
Would a trustee have an issue with me having 2 vehicles even though they fall under the exemptions? Would I be given an opportunity to explain that it is for my son? He will be going to college this fall so that's why we got him the car.
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