Keeping my cars
I have not yet filed chapter 7 bankruptcy, but I am concerned about my cars. I have one care that I retain after my divorce that I was a cosigner on and then I bought my daughter a car for her cause she is in college and need transportation. what are my chances of keeping the cars. i was told I can only keep one..My daughter pays the note on the car she drives.
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Hi and welcome to the forum!!!!
The best way to find out is to make an appointment for a consultation (usually free!) with several bankruptcy lawyers in your area. They are the best source of what the trustees in your district will allow as far as a car for a college-age child as well as for the specifics of your case.
Mississippi does *not* have a specific exemption for motor vehicles - it appears you have to fit your exemption for your car's equity into the 10k personal property exemption (where your appliances, furniture, clothes and jewelry also have to fit). There does not appear to be a Wild Card in Mississippi unless you are age 70 or older.
We do have a forum member who is a BK attorney in Mississippi - hopefully he will see this and perhaps comment.
Good luck - let us know how your consults go and what they say about the second car!
~~ Filed Over Median Income Chapter 7: 12/17/2010 ~~ 341 Held: 1/12/2011 ~~ Discharged: 03/16/2011 ~~Not an attorney - just an opinionated woman. -
Thank you for responding... I hope the bk lawyer from ms does see this because I am totally confused...Im glad you cleared the wildcard option up for me. I thought we had one...Last edited by gia1love; 01-23-2012, 03:05 PM.Comment
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The rule of thumb is 1 car per driving-age household member -- including college-aged kids. I've never had any problem with keeping cars for college-age kids especially where the kid is paying the note.
Which part of the state are you in? Northern district or southern?
You can PM me if you don't want to post it on the thread.Last edited by MSbklawyer; 01-24-2012, 05:28 AM.Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.Comment
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I stay in the Southern District..Comment
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In a chapter 13s the judges here in the Southern District have a rule of thumb of no more than one car per driver in the household. Since it sounds like you have two drivers in the household, two cars wouldn't be a problem especially since your daughter makes the payment. In chapter 7, the number of cars is usually not an issue at all as long as you have enough exemption to cover them.Pay no attention to anything I post. I graduated last in my class from a fly-by-night law school that no longer exists; I never studied or went to class; and I only post on internet forums when I'm too drunk to crawl away from the computer.Comment
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Welll the attorney I spoke with thinks it can be a go since my daughter does pay for the car but I wont know for sure until Friday..I will repost the update...Comment
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