Will cars in my husbands name be lost if he files bankruptcy? 16 Answers as of July 04, 2013

My husband is filing bankruptcy, will I lose cars he bought me that is still in his name only? What advice can you give me so that I don't lose any of my assets?

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Mercado & Hartung, PLLC
Mercado & Hartung, PLLC | Christopher J. Mercado
You may be able to exempt the cars up to a certain amt. If you still owe money on them, you need to reaffirm the debt
Answer Applies to: Washington
Replied: 7/14/2011
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE).
CONSUMER PROTECTION ASSISTANCE COALITION, INC. (DE). | Gary Lee Lane
Not necessarily but if investments, probably forced into Chapter 13.
Answer Applies to: California
Replied: 7/4/2013
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
See a lawyer. I have no idea what the cars are worth or what his other assets are. You can't focus on just one or two assets. One has to look at the entire big picture. Ask him if you can talk to his lawyer. His lawyer can't talk to you without his permission.
Answer Applies to: California
Replied: 7/5/2011
Theodore N. Stapleton, PC
Theodore N. Stapleton, PC | Theodore N. Stapleton
It depends upon whether any equity in the vehicles can be exempted.
Answer Applies to: Georgia
Replied: 7/4/2013
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
Whether or not assets will be "lost" will depend on the debts and exemptions available to your husband in his Bankruptcy.
Answer Applies to: New Hampshire
Replied: 7/5/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    VA now allows one to exempt $6,000in value og a car per debtor. If it's worthore, you can use any wildcard you have left, and, finally, you could offer to buy it back from the trustee.
    Answer Applies to: Virginia
    Replied: 7/5/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    First of all, if you are in California there is no difference between cars in your husband's name and cars in your name. California is a community property state. What assets can be retained in bankruptcy depend on what chapter is filed, the value of the assets, and what exemptions you have available under applicable state law. Exemption laws are based on the state where you resided for the 2 years prior to filing your bankruptcy case or, if you lived in more than 1 state during that period, in the state where you resided for the greater part of the 180 days prior to that 2 year period.
    Answer Applies to: California
    Replied: 7/5/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    One way to retain assets in bankruptcy is to file for chapter 13 rather than chapter 7. However, check with a bankruptcy attorney as to whether your assets are exempt under chapter 7.
    Answer Applies to: California
    Replied: 7/5/2011
    Jackson White, PC
    Jackson White, PC | Spencer Hale
    Keep paying for the vehicles. You will likely not lose them.
    Answer Applies to: Arizona
    Replied: 7/5/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    They may be lost, and there is nothing you can do to affect that. There are many things he can do that affect the answer, and unless he is a real jerk, he is your husband and should be involving you in the decisions. In most bankruptcies there are ways he could chose to keep the cars, and he could chose to walk away from them. (If he is not discussing this with you, sadly you will soon likely be looking for a divorce lawyer).
    Answer Applies to: Georgia
    Replied: 7/5/2011
    Symmes Law Group, PLLC
    Symmes Law Group, PLLC | Richard James Symmes
    When filing bankruptcy you are allowed to keep property that is not over the allocated exemption limits. If there is no equity in the vehicles he will be able to keep the vehicles. If there is equity, check with a bankruptcy attorney to determine whether he will be at risk for losing the vehicles.
    Answer Applies to: Washington
    Replied: 7/5/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    Well, they're in his name, and even if not, community assets are property of the bankruptcy estate. So the question is what are they, how much equity do they have, and can they be exempted. If he's seen a bankruptcy attorney already, this was almost certainly addressed. If he has not, he really should.
    Answer Applies to: California
    Replied: 7/5/2011
    Colorado Legal Solutions
    Colorado Legal Solutions | Stephen Harkess
    If the cars are in your husband's name, then they may be lost to the bankruptcy trustee unless he is able to protect them. Each debtor is entitled to protect a certain value of assets. In Colorado, a single filer can protect up to $5,000 in value of motor vehicles or bicycles. If he does not have enough exemption to protect the vehicle you are driving you may lose it. Unfortunately, there is little you can do to protect yourself at this point. Even if your husband transfers the car into your name, it is still subject to the bankruptcy trustee's claim unless he waits two years to file bankruptcy. The car could be protected from the Trustee if the vehicle were to be awarded to you by a divorce court.
    Answer Applies to: Colorado
    Replied: 7/5/2011
    Ursula G. Barrios Law
    Ursula G. Barrios Law | Guillermo Machado
    CCCP 703.140 to protect equity in cars. If no equity, keep paying to keep.
    Answer Applies to: California
    Replied: 7/5/2011
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