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Ch 7 with cars that are paid off


TeresaT
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If we file ch7 do we get to keep our cars? Home? One car is 2001 honda civic just bought for my teen, paperwork done to put it in my name but not back yet. 2007 ford focus and a 2013 Dodge Avenger. The home was bought before we were married and the cars are in husbands name besides the 2001. 

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31 minutes ago, TeresaT said:

If we file ch7 do we get to keep our cars?

Under Texas bankruptcy exemptions you get to keep ONE 2,3 or 4 wheeled vehicle.  ZERO chance the bankruptcy court allows you to keep a car you bought for a teen.  Nice convenience but not necessary.  

33 minutes ago, TeresaT said:

Home?

Texas has unlimited homestead exemptions for the home but you must file for it.  

You REALLY need an attorney for this.  It is NOT a DIY project.  

34 minutes ago, TeresaT said:

The home was bought before we were married and the cars are in husbands name besides the 2001. 

WHEN the assets were bought not really relevant.  Their value and exempt status are.  If they are fair game you can bet the BK trustee will seize them for sale in a Chapter 7.

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2 hours ago, Clydesmom said:

Under Texas bankruptcy exemptions you get to keep ONE 2,3 or 4 wheeled vehicle.  ZERO chance the bankruptcy court allows you to keep a car you bought for a teen.  Nice convenience but not necessary. 

Wrong again.  In Texas you are allowed to keep one vehicle per each family member who is licensed to drive.

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