Sign in to follow this  
TeresaT

Ch 7 with cars that are paid off

Recommended Posts

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. 

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites
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.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Sign in to follow this