two financed cars

[6figurebroke]

Will i be able to keep both cars if i file bk? 1 has a year left and the other is a lease with 3 years left. both are in my name only.

[SMinGA]

It depends...

If you are a one adult household, you may have trouble rationalizing 2 vehicle payments. If you have 2 adults, it will probably depend on the amounts of the payments. (2 x $300-450 will be easier to explain than 2 x $500-700.)

Then it also depends on what equity you have in the nearly paid off vehicle - and what your state allows for exemption.

Then there is the consideration of what you need vs. what you can afford.

[6figurebroke]

Thanks for the reply.
It is a two adult household, but I'm not married and my fiance drives our kids in the 3 year left lease ($500 month). My truck has a year left at $550 month.
My annual is $115,000.
Owe $70,000 in credit cars and other loans.
If I get rid of this credit card debt and other, I will be ok with the two car payments. Guess a lawyer will know and tell me upfront what i can keep or not? Sorry for the newbie questions, just started researching.
Thanks.