can my kids keep their cars

[eddiep]

I just added up all our assets this weekend and we are way over our allowed exemptions. I have known we were going to lose the dirtbike, ATV and boat, but looks like we will lose more than that. Besides the toys we have a truck worth $500 (blown engine), a motorcycle, and three cars. My daughter's car has no equity (in my name), my hubby's car worth 4k, harley davidson worth between 3k - 7k (I know that is a huge spread but that is what NADA says) and my son's car worth 6k (also in my name). actually the dirtbike is also our son's (not in his name either). I can prove that my daughter acutally paid $3000 of her own money on her car, we took out a loan for the remainder and refinanced later to take the $3000 equity back out. Is there any grounds to keep their vehicles? They are both minors, does that matter?

[Flamingo]

Your children are members of your household and are minors (and I assume you claim them as dependents for tax purposes) and the vehicles appear to be in your name. Some states, I believe, allow the car registration and title to be in a child's (driver's) name for insurance purposes but you would have to check with your motor vehicle department or lawyer on that one. Who pays for the insurance on your childrens' vehicles and are these vehicles registered at your address? It would appear these are assets to you but I would further discuss the situation with your attorney to be on the safe side.

[fireworks]

Based on my understanding of Texas laws, you're allowed one vehicle for each member of the household who can drive. We're keeping my car and my wife's but had to sell my bike (should've done that a LONG time ago). If your kids are old enough to drive and use those vehicles to get around, that should help.

However, I am not a lawyer, and your state may be different.

[fltoo]

Family assets are your assets.

[TLK]

Don't file BK! Please seek a consumer protection lawyer in your area. It really got me out of chapter 13.