Car Question

[walker740]

Hi! I hope I'm putting this in the right forum.

My husband and I are going to file a joint chapter 7 later this month, or in January. We have two paid off cars. One has been paid off for some time and the other we just paid off in September. We have the title for the first one, but only a lien release for the other. Both are older cars, and valued around 3,000 dollars (give or take a few hundred dollars), which is the auto exemption in Missouri. Hubby uses one car and I use the other, but his name is the only name on the title and the lien release. My name is not on either. So, my question is, since I'm not listed are they going to take one of our cars? Also, if we take the lien release and put the car in my name instead of his would this be considered a transfer of title? I don't want to get into trouble.

We just paid our lawyer, he hasn't really looked at our case in detail yet, I will be calling him next week about this, but thought I would ask here first, since everyone is so knowledgeable Thank you very much!!!

[tcreegan]

Hi walker,

Not going to matter who is on the title, since you are filing jointly you get the Missouri exemption; $3000 x 2 = $6000 of motor vehicle value. Since you are both on the BK petition, transfers between the two of you is also not going to matter. Your BK estate is what both of you own, so he owns, you own, all the same.

Good luck with your filing!

Tom in Colo

[walker740]

Thank you so much Tom!!!

I know giving up an old vehicle is a small price to pay to get rid of thousands of dollars debt, but it would have been a hardship for us to lose a car. You have put my mind at ease!!!

Have a great day

Kelly