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cfortunato
cfortunato, Attorney
Category: Bankruptcy Law
Satisfied Customers: 8023
Experience:  Bankruptcy professor.
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My husband and I have filed for bancruptcy in Brevard County

Resolved Question:

My husband and I have filed for bancruptcy in Brevard County Florida. I have a car that is Titled in my name and my son's, it says my name or and then his name on it. Can the courts make me sell it to pay off debts?
Submitted: 5 years ago.
Category: Bankruptcy Law
Expert:  cfortunato replied 5 years ago.

Hi JACustomer,

Who paid for the car?

Does your son live with you?

If not, is the car located at your residence or your son's residence?

Customer: replied 5 years ago.
I can't remember who paid for the car. My son lives with us and the car is at our residence.
Expert:  cfortunato replied 5 years ago.

You and your husband are each allowed to keep one car with up to $1000 equity each. (Equity is the market value minus the car loan - if any.)

Unless it can be proved otherwise, one half of the value of a car is deemed to be owned by each co-owner.

This means that if the car in question has more than $2,000 equity ($1,000 for you, and $1,000 for your son), the car can be sold to pay creditors.

Customer: replied 5 years ago.
What if we determine that my son paid for the car?
Expert:  cfortunato replied 5 years ago.

If your son paid for the car, the equity belongs to him, and the Bankruptcy court cannot take the car.

If both of you paid, you would have to figure out the percentage that each paid, and assign the equity accordingly.

cfortunato and 2 other Bankruptcy Law Specialists are ready to help you