Weird Issue

[Noob1]

Hello All,

I went half on a car a few months ago (value exceeds state min, live in Colorado). I was the one who dealt with the dealer since it was online (so the bill of sale is in my name). But, the car is not registered in my name and not on the title but the other owner, but I did pay half. If I file chapter 7 is there potential to lose the car?

Thanks!

[BKParalegal]

No unless you had to transfer title, or if anyway you had to list that you were the owner to get it titled. When you say that it exceeds the CO exemption value did you base that number on 1/2 interest so only 1/2 of the equity?

Good luck

[Noob1]

I guess the cars value cannot exceed 5000 dollars and the car was 11000. No the car was never registered to me.

[BKParalegal]

On the SOFA in BK it does ask if you gave gifts to anyone in the last year. Was this a gift or what? And who is driving the car today?

[Noob1]

No was not a gift we went 50/50 on the car. We alternate on the car most of the time he has the car. I usually only use it on my days off (I use public trans. to get to work).

[BKParalegal]

Then you need to list that you are half owner and take half equity, so you should be fine plus you can take the operating expense on the means test.

Also if you bought it for $11k it ain't worth that. Go to www.Kbb.com and get a current value

Good luck

[Noob1]

Thank you!!!