So, I am married but will be filing ch 7 by myself. House is in husbands name and most of the unsecured debt is in just my name. We do have a car in both of our names that we had to buy last month that has no equity and another also in both of our names that has approximately $8000 equity. I have two options:
1. Keep the car and file before the end of June so that I can take advantage of Federal exemptions. The car would be protected but I'm not sure I can get the $$ together in time. If not....
2. File in a few months using Florida exemptions. If we do that can we sell the car with the equity? Would the second car have to be in both of our name, title and loan-wise or could it be in just my husbands? Is that a big no-no right before a chapter 7?
Also, how do I figure value on shared property? Just take the value and divide in half?
Thanks for any advice!
1. Keep the car and file before the end of June so that I can take advantage of Federal exemptions. The car would be protected but I'm not sure I can get the $$ together in time. If not....
2. File in a few months using Florida exemptions. If we do that can we sell the car with the equity? Would the second car have to be in both of our name, title and loan-wise or could it be in just my husbands? Is that a big no-no right before a chapter 7?
Also, how do I figure value on shared property? Just take the value and divide in half?
Thanks for any advice!