We have two cars. Both cars are in my name. One is paid off and worth $400. The other has a loan of $6000 and is worth $3000 according to Edmunds and $4000 according to KBBook. We are using federal exemptions. Can we still "double" the exemptions even though only my name is on the title of the cars? The car loan is in both are names (joint), so I was assuming I was okay to double exemption. (Federal exemption is $3450).
-
-
Texas is a community property state, so you can double the exemption if you are both filing together. Seems you don't have much to exempt anyhow ($400).Chapter 7 (No Asset/Non-Consumer) Filed (Pro Se) 7/08 (converted from Chapter 13 - 2/10)
Status: (Auto) Discharged and Closed! 5/10
Visit My BKForum Blog: justbroke's Blog
Any advice provided is not legal advice, but simply the musings of a fellow bankrupt. -
I am new to Texas and filing in Arkansas, which isn't a community property state. I am using Federal guidelines (Arkansas lets you choose). The $400 valuation was from my insurance company, when I looked up the car value at KBB etc., it comes in at $1000. I also may have a title situation on the car with the bank loan. I don't think the title was "perfected".Comment
Bankruptcy Wizard
Comment