Wife's car

[almost]

My wife is not filing BK, just me. She has a car that has no equity in it, she owes 13000. car is worth 7500 trade in 11000 retail (if in great shape). I'm not on the title or loan. The qustion is do I use up some of my exempetion money with this car. In Maryland the exempetion for a couple is 24000. I have a car that is paid for but it is worth 2500. I'm definitely placing my car in the exemption section.

Maryland 6000. for car, 5000. wild card 1000. personal items, these are per person. couple 24000.
Thanks

[CindyLou]

if there is no equity, then there is nothing to exempt. You only have to use exemptions on assetts...you only have an assett if you have equity...sound like you will be fine with that

[butterflywings]

Is she is not filing with you and you are not on the title or loan then you wouldn't even list that as an asset anyway. The car payment could be listed as a HH expense, but not as an asset of your's.

[almost]

Thanks Butterfly and cindylee. Thats what I thought but I was not sure. Yes I was going to list it as a hh item, it's a big payment.

[bmcmull]

I took my SUV into the BK went from a loan of almost 40k to $21400.00. My BK payment with the SUV in it was cheaper than the truck loan payment >>>>>>>>>>>Maybe she should file with you and tank that 5k in negative equity. My SUV payment was 890.00 month with 5 years left and my BK payment with SUV in it $776.00 (clear title when it discharges)